CSN seeks $1.7 billion with mining IPO

Wednesday, 26 August 2020 22:23:36 (GMT+3)   |   Sao Paulo
       

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) reportedly expects to raise BRL 10 billion ($1.7 billion) with an initial public offering (IPO) of its mining business, a media report from Valor said.

The media report said the steelmaker has already hired Bank of America, XP Investimentos, BTG Pactual and Morgan Stanley to oversee the transaction.

As previously reported by SteelOrbis, CSN will use the proceeds of the proposed IPO to reduce its debt. Despite having managed to successfully extend existing debt with key creditors, CSN said recently it foresees a debt guidance of BRL 23 billion ($4.1 billion).

About 70 percent of CSN’s debt is denominated in USD. CSN is also reportedly considering selling its steel business in Germany.


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