CSN Announces Settlement of Tender Offer for Any and All 2023 Notes

Rhea-AI Summary

Companhia Siderúrgica Nacional (NYSE: SID) has announced the conclusion of its cash tender offer for its outstanding 7.625% Senior Unsecured Guaranteed Notes due 2023. The offer, which ended on June 8, 2021, saw valid tenders for US$421,058,000, amounting to 45.52% of the total Notes outstanding. CSN Resources S.A. has accepted and paid for all validly tendered Notes, with holders receiving US$1,038.13 per US$1,000 of principal, plus accrued interest. This action marks a significant repayment toward the company’s debt obligations.

Positive

• Successful completion of cash tender offer for 7.625% Senior Unsecured Guaranteed Notes due 2023.
• Received tenders for US$421,058,000, equating to 45.52% of outstanding Notes, indicating strong shareholder engagement.
• Note holders will receive US$1,038.13 per US$1,000 principal, plus accrued interest, enhancing investor returns.

Negative

• None.

São Paulo, June 11, 2021 /PRNewswire/ -- Companhia Siderúrgica Nacional ("CSN") (NYSE: SID) announces that the cash tender offer by its Luxembourg finance subsidiary, CSN Resources S.A. ("CSN Resources"), for any and all of its outstanding 7.625% Senior Unsecured Guaranteed Notes due 2023 (the "Notes") (144A CUSIP / ISIN 12644VAB4 / US12644VAB45 and Reg S CUSIP / ISIN L21779AC4 / USL21779AC45), fully, unconditionally and irrevocably guaranteed by CSN, expired on June 8 at 5:00 p.m., New York City time (the "Expiration Time"). At the Expiration Time, valid tenders had been received with respect to US$421,058,000 in aggregate principal amount of Notes, representing 45.52% of the Notes outstanding.

CSN Resources today accepted and made payment for all Notes that at or prior to the Expiration Time were validly tendered and not validly withdrawn. Holders of Notes who validly tendered and did not validly withdraw their Notes at or prior to the Expiration Time will receive US$1,038.13 per US$1,000 principal amount of Notes, plus accrued and unpaid interest from the last interest payment date to, but not including, June 11, 2021.

Disclaimer

This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities. The tender offer was not made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction where the laws required the tender offer to be made by a licensed broker or dealer, the tender offer was made by the dealer managers on behalf of CSN Resources. None of CSN Resources, the tender and information agent, the dealer managers or the trustee with respect to the Notes, nor any of their affiliates, made any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the tender offer. None of CSN Resources, the tender and information agent, the dealer managers or the trustee with respect to the Notes, nor any of their affiliates, have authorized any person to give any information or to make any representation in connection with the tender offer other than the information and representations contained in the offer to purchase relating to the tender offer.

This press release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including those related to the tender offer. Forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ from those expressed in any forward-looking statements.

COMPANHIA SIDERÚRGICA NACIONAL
Marcelo Cunha Ribeiro
Chief Financial and Investor Relations Officer

View original content:http://www.prnewswire.com/news-releases/csn-announces-settlement-of-tender-offer-for-any-and-all-2023-notes-301311095.html

SOURCE Companhia Siderúrgica Nacional

FAQ

What was the outcome of the CSN cash tender offer for Notes due 2023?

CSN's cash tender offer for its 7.625% Senior Unsecured Guaranteed Notes due 2023 resulted in valid tenders for US$421,058,000, or 45.52% of the total outstanding Notes.

When did the CSN tender offer for the Notes expire?

The tender offer expired on June 8, 2021, at 5:00 p.m. New York City time.

What payment will note holders receive from CSN?

Holders of validly tendered Notes will receive US$1,038.13 per US$1,000 principal, plus accrued and unpaid interest.

What does the successful tender offer mean for Companhia Siderúrgica Nacional's debt obligations?

The successful tender offer indicates CSN's commitment to managing its debt effectively and improving liquidity.