Gerdau is seeking to raise between $2.2 billion $2.5 billion in a primary offering of common and preferred shares in the U.S. and Brazil, Financial Times reports. The Brazilian steel company will issue around 68.03 million voting new shares and up to 203.83 million nonvoting shares in the offering, adds Reuters. The Porto Alegre-based company intends to use the proceeds for its previously announced investment program and to strengthen its capital structure. Gerdau has appointed the investment-banking units of Itau Unibanco, BTG Pactual and Banco Bradesco to manage the offering.
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