By Paul A. Harris
St. Louis, Sept. 14 - Brazilian steel firm Companhia Siderurgica Nacional priced a $750 million issue of 10-year senior notes (Ba1/BB+/BBB-) at par to yield 6 7/8% on Monday, according to market sources.
The yield was equivalent to 345.5 basis points over Treasuries.
The yield printed tight to the final 7% area price talk. Initial guidance on the notes had been 7% to 7¼%.
Morgan Stanley and Banco Itau were joint bookrunners for the Rule 144A and Regulation S bullet offering.
The company is based is Sao Paulo.
| Issuer: | CSN Islands XI Corp. (Companhia Siderurgica Nacional)
|
| Amount: | $750 million
|
| Maturity: | Sept. 21, 2019
|
| Security description: | Senior notes
|
| Bookrunners: | Morgan Stanley, Banco Itau
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 345.5 bps
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 21
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 7% area
|
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