CSN’s $500 Million Offering and Concurrent Tender Offer

Cleary Gottlieb represented BNP Paribas, BTG Pactual, Citigroup, Goldman Sachs, Morgan Stanley, and UBS, as initial purchasers, in the offering of $500 million 5.875% notes due 2032, issued by CSN Resources S.A., a Luxembourg subsidiary of Companhia Siderúrgica Nacional (CSN), and guaranteed by CSN.

The transaction priced on February 3, 2022, and closed on February 8, 2022.

CSN expects to use the net proceeds from the sale of the notes to fund a concurrent tender offer to purchase up to $300 million of its 7.625% senior unsecured guaranteed notes due 2026. The tender offer commenced on February 3, 2022, and will expire on March 3, 2022, unless extended by CSN. The dealer managers for the tender offer are BNP Paribas, BTG Pactual, Citigroup, Goldman Sachs, Morgan Stanley, and UBS.

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