By Paul A. Harris
St. Louis, Jan. 9 - CSN Islands VIII Corp. (Companhia Siderurgica National) priced an upsized $200 million add-on Friday to its 9¾% senior notes due Dec. 15, 2013 at 104.875 to yield 8.996%, a market source said.
The add-on was increased from $150 million.
Citigroup was the bookrunner on the Rule 144A/Regulation S issue.
The Brazilian steel producer plans to use proceeds of the offering to refinance debt.
The original $350 million issue priced at par on Dec. 16.
| Issuer: | CSN Islands VIII Corp. (Companhia Siderurgica National)
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| Amount: | $200 million (from $150 million)
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| Security description: | Add-on to the 9¾% senior notes due Dec. 15, 2013
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| Bookrunner: | Citigroup
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| Price: | 104.875
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| Yield: | 8.996%
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| Spread: | 474 basis points
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| Call protection: | Non-callable for life
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| Settlement date: | Jan. 13, with accrued interest
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| Ratings: | Moody's: B1
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| Standard & Poor's: B+
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| Fitch: B+
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