Brazil’s CSN Resources tender offer oversubscribed at early deadline

Chicago, Feb. 17 – Companhia Siderurgica Nacional announced the early results of its tender offer for CSN Resources SA’s $600 million outstanding 7 5/8% senior guaranteed notes due 2026 (Cusips: 12644VAC2, L21779AD2), according to a press release.

The offer was capped at $300 million with noteholders tendering $448,592,000 of the notes by the early deadline at 5 p.m. ET on Feb. 16.

The company is maintaining the cap and will accept notes by applying a 61.1% proration factor.

As previously reported, CSN is offering a total consideration of $1,048.75 per $1,000 note, inclusive of a $30 early tender premium.

Accrued interest will also be paid.

The early settlement date will be Feb. 17.

Because the offer was oversubscribed, though, no more notes will be accepted after the early deadline.

The tender offer would have expired at 11:59 p.m. ET on March 3.

The offer was subject to the completion of a new debt financing, a condition which has been satisfied.

D.F. King & Co., Inc. is the information and tender agent for the offer (800 967-7510, 212 269-5550, csn@dfking.com).

Banco BTG Pactual SA – Cayman Branch (212 293-4600), BNP Paribas Securities Corp. (888 210-4358, 212 841-3059), Citigroup Global Markets Inc. (800 558-3745, 212 723-6106), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452), Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057) and UBS Securities LLC (888 719-4210, 203 719-4210) are the dealer managers.

CSN is a steelmaker based in Sao Paulo, Brazil.

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