Companhia Siderurgica Nacional obtained enough support from bondholders to push through a debt exchange, providing financial relief as the Brazilian steelmaker contends with high financing and capital costs. Debtholders tendered approximately $1 billion of bonds in an exchange carried out by unit CSN Inova Ventures, representing 77.49% of CSN Inova's 6.75% outstanding notes due 2028, above the 70% minimum required for the exchange. Investors are set to receive a combination of new 11% notes due 2030 and cash, with the new bonds guaranteed by CSN and the exchange expected to settle on August 12. CSN Inova plans to issue $698.3 million of new bonds and pay $255.7 million in cash. CSN shares are down nearly 50% year-to-date, hitting the lowest level in more than a decade after Fitch Ratings downgraded the company’s credit score to CCC+ and kept it on watch for further cuts, while the company's 2028 notes are yielding more than 20%.
Companhia Siderurgica Nacional ADR