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.