SAO PAULO, March 2, 2018 /PRNewswire/ -- Companhia
Siderúrgica Nacional ("CSN") (NYSE: SID), announced today
the expiration of the previously announced cash tender offers by
its subsidiary, CSN Resources S.A. ("CSN Resources"), for:
- up to U.S.$350,000,000 in
aggregate principal amount of 6.875% Senior Unsecured Guaranteed
Notes due 2019 (the "2019 Notes") (144A CUSIP / ISIN Nos.
12642KAA2/US12642KAA25 and Reg S CUSIP / ISIN Nos.
G2583XAA9/USG2583XAA93) issued by CSN Islands XI Corp., a finance
subsidiary of CSN (the "2019 Notes Tender Offer"); and
- 6.50% Senior Unsecured Guaranteed Notes due 2020 (the "2020
Notes" and, together with the 2019 Notes, the "Notes") (144A CUSIP
/ ISIN Nos. 12644VAA6/US12644VAA61 and Reg S CUSIP / ISIN Nos.
L21779AA8/USL21779AA88) issued by CSN Resources in an aggregate
principal amount such that the aggregate principal amount of 2020
Notes accepted for purchase does not exceed (A) U.S.$ 350,000,000 less (B) the aggregate
principal amount of 2019 Notes validly tendered and accepted for
purchase pursuant to the 2019 Notes Tender Offer (the "2020 Notes
Maximum Tender Amount") (the "2020 Notes Tender Offer" and,
together with the 2019 Notes Tender Offer, the "Tender
Offers").
Each of the Tender Offers expired at 11:59 p.m., New York
City time, on March 1, 2018
(the "Expiration Date").
CSN Resources previously accepted for purchase U.S.$202,806,000 in aggregate principal amount of
2019 Notes that were validly tendered at or prior to the Early
Tender Date, and paid for such early tendered 2019 Notes on
February 15, 2018. According to D.F.
King & Co., Inc., the tender agent and information agent (the
"Tender Agent and Information Agent") for the Tender Offers,
additional tenders were received (and not validly withdrawn) after
5:00 p.m., New York City time, on February 14, 2018 (the "Early Tender Date") but
at or prior to the Expiration Date from holders of 2019 Notes
representing approximately U.S.$100,000 in aggregate principal amount of 2019
Notes. Subject to the terms and conditions of the 2019 Notes Tender
Offer, holders who validly tendered their 2019 Notes after the
Early Tender Date but at or prior to the Expiration Date and whose
2019 Notes are accepted for purchase will be entitled to receive,
for each U.S.$1,000 principal amount
of 2019 Notes accepted for purchase, U.S.$970, plus accrued interest. Pursuant to the
terms of the 2019 Notes Tender Offer, CSN Resources has accepted
for purchase all such 2019 Notes validly tendered after the Early
Tender Date but at or prior to the Expiration Date and will pay for
such tendered 2019 Notes on March 5,
2018 (the "Final Settlement Date"). Consequently, upon the
Final Settlement Date, the total amount of 2019 Notes tendered and
cancelled under the 2019 Notes Tender Offer will be
U.S.$202,906,000.
As of the Expiration Date, according to the Tender Agent and
Information Agent, tenders were received (and not validly
withdrawn) from holders of 2020 Notes representing U.S.$521,194,000 in aggregate principal amount of
2020 Notes. Subject to the terms and conditions of the 2020 Notes
Tender Offer, including the 2020 Notes Maximum Tender Amount,
holders who validly tendered their 2020 Notes at or prior to the
Early Tender Date and whose 2020 Notes are accepted for purchase
are eligible to receive U.S.$1,000
for each U.S.$1,000 principal
amount of 2020 Notes validly tendered (and not validly withdrawn),
which includes an early tender payment equal to U.S.$30, plus accrued interest. Holders of 2020 Notes
who validly tendered 2020 Notes after the Early Tender Date but at
or prior to the Expiration Date and whose 2020 Notes are accepted
for purchase will be entitled to receive, for each U.S.$1,000 principal amount of 2020 Notes
accepted for purchase, U.S.$970.
Pursuant to the terms of the 2020 Notes Tender Offer, including
the 2020 Notes Maximum Tender Amount, CSN Resources has accepted
for purchase U.S.$147,094,000 in
aggregate principal amount of 2020 Notes and will pay for such
tendered 2020 Notes, on a pro rata basis, on the Final
Settlement Date. The proration ratio that will be applied to each
tendering holder of 2020 Notes is equal to (i) the amount of 2020
Notes validly tendered (and not validly withdrawn) at or prior to
the Expiration Date multiplied by (ii) a fraction, the numerator of
which would be equal to the 2020 Notes Maximum Tender Amount and
the denominator of which would be equal to the total principal
amount of 2020 Notes tendered in the 2020 Notes Tender Offer,
rounded downward to the nearest U.S.$1,000 principal amount.
CSN Resources intends to use the net proceeds from its offering
of 7.625% senior unsecured notes due 2023, which closed on
February 13, 2018, to purchase all
Notes validly tendered in the Tender Offers and to pay related
costs and expenses.
On the Final Settlement Date, CSN and its consolidated
subsidiaries will have the following debt maturity profile:
As a result of the above transactions, CSN has completed another
step in the process of lengthening its debt maturity profile and
improving liquidity as part of its strategy to readjust its capital
structure.
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.
This release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
United States Securities Exchange Act of 1934, as amended,
including those related to the Tender Offers. 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.
Investor Relations
David Moise Salama
Investor Relations Executive Officer
Phone: +55 (11) 3049-7588
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SOURCE CSN Resources S.A.