CSN Inova Ventures completes exchange of $1B in 2028 notes

Companhia Siderúrgica Nacional (NYSE: SID) announced that its subsidiary CSN Inova Ventures has completed a private exchange offer for its outstanding 6.750% Senior Notes due 2028, with holders tendering $1,007,324,000 in principal amount, representing 77.49% of the outstanding notes.

The exchange offer expired at 5:00 p.m. New York time on August 10, 2026. The Minimum Participation Condition was satisfied, and the issuer expects to accept all validly tendered notes for exchange.

For each $1,000 principal amount of 2028 notes tendered, eligible holders are set to receive $253.85 in cash and $746.15 in principal amount of new 11.000% Senior Notes due 2030. Settlement is expected on August 12, 2026.

The issuer expects to issue approximately $698.3 million in aggregate principal amount of the new notes and pay approximately $255.7 million in cash consideration, excluding accrued interest. The issuer will not receive any cash proceeds from the transaction.

In connection with the exchange offer, CSN Inova Ventures also conducted a consent solicitation to amend the indenture governing the 2028 notes. The requisite consents were received to execute the supplemental indenture.

The exchange was made available only to qualified institutional buyers in the United States and to non-U.S. persons outside the United States under Regulation S. The new notes have not been registered under the Securities Act of 1933.

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