Eligible holders can swap each $1,000 of the 6.750% notes due 2028 for $746.15 of new 11.000% 2030 notes plus $253.85 in cash, with the offer set to expire on August 10, 2026.
Companhia Siderúrgica Nacional said its subsidiary CSN Inova Ventures has started an exchange offer for any and all outstanding 6.750% Senior Notes due 2028, seeking to replace them with 11.000% Senior Notes due 2030 and cash. The offer covers $1.3 billion of existing notes and is available only to Eligible Holders, including qualified institutional buyers under Rule 144A (U.S. private resale exemption) and certain non-U.S. investors under Regulation S (offshore securities safe harbor). For each $1,000 principal amount tendered and accepted, holders will receive $746.15 in new notes and $253.85 in cash, plus accrued interest. The transaction is paired with a consent solicitation to amend the existing indenture, and participation requires holders to tender notes and deliver consents together. The offer expires at 5:00 p.m. New York City time on August 10, 2026, unless extended, with settlement expected on August 12, 2026. A minimum of $910.0 million, or 70% of the outstanding 2028 notes, must be tendered and not withdrawn for the transaction to proceed. The new notes carry an 11.000% coupon that can step down by 50 basis points to 10.500% if at least $200 million of aggregate principal is reduced before February 12, 2028, and they may be redeemed at 100% of principal plus accrued and unpaid interest.