Wednesday, November 25, 2009 4:24:13 PM
Tuesday , November 24, 2009 16:15ET
TAMPA, FL, Nov. 24 /PRNewswire-FirstCall/ - Gerdau Ameristeel Corporation (the "Company") (NYSE: GNA; TSX: GNA) today announced that the Company has entered into a loan agreement pursuant to which a wholly-owned subsidiary will borrow $610 million on arm's length terms from Gerdau Holdings Inc., a subsidiary of Gerdau S.A. The loan, which is expected to be funded on December 3, 2009, will be a senior, unsecured obligation of the obligors, will bear interest at 7.95% per annum, has no scheduled principal payments prior to maturity, and will mature in full on January 20, 2020. Interest will be payable semiannually, starting on July 20, 2010. The amount borrowed represents approximately 50% of the proceeds of the $1.25 billion of bonds issued by Gerdau Holdings Inc. on November 18, 2009. The Company intends to use the net proceeds of the loan to prepay $510 million of its outstanding Tranche A term debt and $100 million of its outstanding Tranche C term debt and today the Company notified the holders of such term debt of its intent to prepay such amounts.
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