Loan & DebtAug 11, 2026, 08:34 AM
CSN Exchange Offer: 77.49% of 2028 Notes Tendered
AI Summary
Companhia Siderúrgica Nacional (CSN) announced the final results of its subsidiary's exchange offer for 6.750% Senior Notes due 2028. The offer successfully attracted US$1,007,324,000, representing 77.49% of the outstanding notes, satisfying the minimum participation condition. Eligible holders will receive US$253.85 in cash and US$746.15 in new 11.000% Senior Notes due 2030 for each US$1,000 principal amount tendered. The settlement is expected on August 12, 2026, involving approximately US$698.3 million in new notes and US$255.7 million in cash.
Key Highlights
- 77.49% of outstanding 2028 Notes tendered in exchange offer.
- US$1,007,324,000 principal amount of 2028 Notes tendered.
- US$253.85 cash consideration per US$1,000 principal of 2028 Notes.
- US$746.15 new 2030 Notes per US$1,000 principal of 2028 Notes.
- Expected issuance of US$698.3 million in new 2030 Notes.
- Expected payment of US$255.7 million in cash consideration.
- Settlement date for the exchange offer is August 12, 2026.
Price Impact
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