Loan & DebtAug 11, 2026, 08:21 AM
National Steel Co Subsidiary Completes $1.01B Notes Exchange Offer
AI Summary
National Steel Co's subsidiary, CSN Inova Ventures, successfully completed an Exchange Offer for its 6.750% Notes due 2028. The offer saw US$1,007,324,000, or 77.49% of the outstanding notes, tendered and accepted, exceeding the minimum participation condition. As a result, CSN Inova expects to issue approximately US$698.3 million in new 11.00% Notes due 2030 and pay about US$255.7 million in cash to holders. The new notes are guaranteed by National Steel Co, and settlement is anticipated on August 12, 2026.
Key Highlights
- CSN Inova Ventures completed an Exchange Offer for its 6.750% Notes due 2028.
- US$1,007,324,000 principal amount of Existing Notes were tendered and accepted.
- This represents 77.49% of the outstanding balance of the Existing Notes.
- The minimum participation condition of US$910,000,000 (70%) was satisfied.
- CSN Inova expects to issue approximately US$698.3 million in new 11.00% Notes due 2030.
- Approximately US$255.7 million in cash will be paid to tendering holders.
- The New Notes are fully, unconditionally, and irrevocably guaranteed by National Steel Co.
- Settlement of the Exchange Offer and Consent Solicitation is expected on August 12, 2026.
Price Impact
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