Loan & DebtJul 31, 2026, 06:12 AM
National Steel Co. Offers $746.15 New Notes + $253.85 Cash for 2028 Notes
AI Summary
National Steel Co. (CSN) has initiated an exchange offer and consent solicitation for its 6.750% Senior Notes due 2028. Eligible holders can exchange each US$1,000 principal amount of 2028 Notes for US$746.15 in new notes and US$253.85 in cash. The offer, which also seeks consents for amendments to the indenture governing the 2028 Notes, is set to expire on August 10, 2026, and is conditioned on a minimum participation of US$910.0 million in 2028 Notes.
Key Highlights
- National Steel Co. launched an exchange offer for its 6.750% Senior Notes due 2028.
- Eligible holders receive US$746.15 in New Notes and US$253.85 cash per US$1,000 principal.
- The offer expires on August 10, 2026, at 5:00 p.m. New York City time.
- Minimum participation condition is US$910.0 million (70% of outstanding 2028 Notes).
- The company is also soliciting consents for amendments to the 2028 Notes indenture.
- The expected settlement date for the exchange offer is August 12, 2026.
Price Impact
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