CSN’s $500 Million Offering and Concurrent Tender Offer

Cleary Gottlieb represented Bradesco BBI, BTG Pactual, Citigroup, Credit Agricole CIB, J.P. Morgan, Morgan Stanley, Santander, and UBS Investment Bank, as initial purchasers, in the offering of $500 million 8.875% notes due 2030, issued by CSN Resources S.A., a Luxembourg subsidiary of Companhia Siderúrgica Nacional (CSN), and guaranteed by CSN.

The transaction priced on November 30, 2023, and closed on December 5, 2023.

CSN used the net proceeds from the sale of the notes to fund a concurrent tender offer to purchase any and all of its 7.625% senior unsecured guaranteed notes due 2026. The tender offer commenced on November 29, 2023, and expired on December 5, 2023. The dealer managers for the tender offer were Bradesco BBI, BTG Pactual, Citigroup, Credit Agricole CIB, J.P. Morgan, Morgan Stanley, Santander, and UBS Investment Bank.

CSN is one of the largest steel producers in Latin America, with business operations in the steel, mining, cement, logistics, and energy segments.