Cleary Gottlieb represented Credit Suisse First Boston LLC and Deutsche Bank Securities Inc. as initial purchasers in a Rule 144A/Reg. S offering by CSN Islands X Corp., a finance subsidiary of Companhia Siderúrgica Nacional (CSN), of $500 million 9.50% perpetual bonds. After the offering closed, it was immediately reopened for an additional $250 million.
CSN is the second largest fully integrated steel producer in Brazil and one of the largest crude steel producers in Latin America. Because of the proximity in time of the offerings in this transaction, the Reg. S distribution compliance period for the initial bonds was extended so that the initial bonds and the reopening bonds would be immediately fungible.