CSN extends debt due in 2019 and 2020

Tuesday, 06 March 2018 22:23:10 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced it has re-purchased existing notes due in 2019 and 2020 in a move to extend part of the company’s debt for 2023.

CSN said it purchased senior unsecured guaranteed notes due in 2019 and 2020 for a combined $350 million. CSN paid $202.9 million in cash for some notes, at the same time it committed to paying an additional $147.1 million on a “pro data” basis on March 5.

The combined debt of $350 million that was due in 2019 and 2020 was extended to 2023, CSN said. The purchased 2019 notes had a 6.8 percent yield and were issued by CSN Islands XI Corp, while the 2020 notes had a 6.5 percent yield and were issued by CSN Resources.

The new 2023 debt has a 7.6 percent yield, CSN noted.


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