Financing ·
Companhia Siderúrgica Nacional announced that its subsidiary, CSN Inova Ventures, commenced an exchange offer for all…
SIDNational Steel Co
Companhia Siderúrgica Nacional announced that its subsidiary, CSN Inova Ventures, commenced an exchange offer for all outstanding 6.750% Senior Notes due 2028 (US$1.3 billion principal) in exchange for new 11.000% Senior Notes due 2030 and cash. The consideration is US$746.15 in New Notes and US$253.85 in cash per US$1,000 of tendered notes. The offer expires August 10, 2026, with settlement expected on August 12, 2026. A minimum participation condition requires at least US$910 million (70%) of the outstanding notes to be tendered. Holders must also provide consents for indenture amendments. The New Notes carry a step-down interest rate to 10.500% if the principal is reduced by at least US$200 million by February 12, 2028. Companhia Siderúrgica Nacional operates in the steel industry and produces iron ore, steel, and related products.