CSN’s $1 Billion Offering and Tender Offer

Cleary Gottlieb represented Morgan Stanley, BofA Securities, BB Securities, Bradesco BBI, BTG Pactual, Citigroup, J.P. Morgan, Santander, and XP Investments, as initial purchasers, in the offering of $1 billion 6.75% notes due 2028, issued by CSN Islands XI Corp., a Cayman Islands subsidiary of Companhia Siderúrgica Nacional (CSN), and guaranteed by CSN.

The transaction priced on January 23, 2020, and closed on January 28, 2020.

CSN intends to use the net proceeds from the sale of the notes to fund a concurrent tender offer to purchase its 6.5% senior unsecured guaranteed notes due 2020 issued by CSN Resources S.A. The tender offer launched on January 17, 2020, with settlement on January 31, 2020. The dealer managers for the tender offer were BofA Securities, J.P. Morgan, and Morgan Stanley.

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