Milbank LLP advised Gerdau S.A. (“Gerdau”), one of the leading steel producers in the Americas, and certain of its subsidiaries, in connection with the SEC-registered offering of US$650 million aggregate principal amount of 5.750% notes due 2035. The notes are investment-grade rated. This was Gerdau’s first international debt offering since 2019 and its first SEC-registered bond offering. Gerdau achieved the lowest spread over the relevant U.S. treasury rate of any Brazilian corporate issuer since 2005.
Milbank is also advising Gerdau in connection with the concurrent cash tender offer for any and all of Gerdau Trade’s outstanding 4.875% senior notes due 2027.
The Milbank team advising Gerdau on the transactions was led by Corporate Finance and Securities partner Tobias Stirnberg and included associates Marina Carvalho Rodriguez and Maria Rafaela Nunes. The deal team also included partners Joel Cavanaugh, Andrew Walker and Catherine Leef Martin and associate Michelle Song.
