Brazil’s CSN Resources starts tender offer for 7 5/8% notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., Nov. 29 – Companhia Siderurgica Nacional said subsidiary CSN Resources SA started a tender offer for all of its $300 million of 7 5/8% senior guaranteed notes due 2026 (Cusips: 12644VAC2, L21779AD2), according to a press release.

The notes are guaranteed by the parent.

The company is offering to repurchase the notes for $1,010 per $1,000 note. Interest will also be paid to the settlement date.

The offer expires at 5 p.m. ET on Dec. 5, a deadline that includes properly completed and duly executed notices of guaranteed delivery.

Tendered notes may be withdrawn at any time prior to the earlier of the expiration time and, in the event that the offer is extended, the tenth business day after the start of the offer. Tendered notes may be withdrawn any time after the 60th business day if for any reason the tender offer is not completed during that time.

Settlement is expected for the third business day following the expiration time.

The tender offer is subject to a new financing condition.

The company reserves the right to repurchase any notes that remain outstanding after the offer via open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise.

D.F. King & Co., Inc. (800 967-7574, 212 269-5550, csn@dfking.com, www.dfking.com/csn) is the tender agent and information agent.

Dealer managers for the offer are Banco Bradesco BBI SA (+55 11 2169 4528), Banco BTG Pactual SA – Cayman Branch (212 293-4600), Citigroup Global Markets Inc. (212 723-6106, 800 558-3745), Credit Agricole Securities (USA) Inc. (866 807-6030), J.P. Morgan Securities LLC (212 834-7279, 866 846-2874), Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057), Santander US Capital Markets LLC (212 407-0930) and UBS Securities LLC (212 882-5723).

CSN is a steelmaker based in Sao Paulo.

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