Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced this week it will issue BRL 2 billion in bonds to reduce its debt.The company said it plans to use the proceedings from the sale of bonds to liquidate bank credit notes.
CSN also plans to pay about BRL 570 million to state-owned bank Caixa Economica Federal, one of its key creditors.
The bonds will be due five years effective from December 26, 2018, and will pay 126.80 percent of the Brazilian DI tax. The DI tax is currently at 6.4 percent per year.