Loan & DebtAug 11, 2026, 08:10 AM
National Steel Co. Finalizes Exchange Offer for 77.49% of 2028 Notes
AI Summary
Companhia Siderúrgica Nacional (CSN) announced the final results of its subsidiary CSN Inova Ventures' exchange offer and consent solicitation for its 6.750% Senior Notes due 2028. The offer saw 77.49% of the outstanding 2028 Notes, totaling US$1,007,324,000, validly tendered and accepted. As a result, the Issuer expects to issue approximately US$698.3 million in new 11.000% Senior Notes due 2030 and pay approximately US$255.7 million in cash consideration. The settlement is anticipated on August 12, 2026.
Key Highlights
- 77.49% of outstanding 2028 Notes (US$1,007,324,000) were validly tendered and accepted.
- Issuer expects to issue approximately US$698.3 million in new 11.000% Senior Notes due 2030.
- Issuer expects to pay approximately US$255.7 million in cash consideration.
- For each US$1,000 principal amount of 2028 Notes, holders receive US$253.85 cash and US$746.15 in new notes.
- The Exchange Offer and Consent Solicitation expired on August 10, 2026.
- Settlement of the Exchange Offer is expected on August 12, 2026.
Price Impact
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