CSN Secures $1 Billion Debt Exchange for Inova Ventures

Cia. Siderurgica Nacional SA secured a debt exchange for its unit, CSN Inova Ventures, after bondholders tendered approximately $1 billion in notes. The transaction involved 77.49% of CSN Inova’s 6.75% notes due 2028, surpassing the 70% minimum requirement. The exchange is expected to settle on August 12, with CSN Inova issuing roughly $698.3 million in new 11% notes due 2030—guaranteed by the parent company—and paying $255.7 million in cash.

The steelmaker is currently under significant financial strain, marked by a nearly 50% drop in share price this year and a credit downgrade to 'CCC+' by Fitch Ratings. To strengthen its balance sheet and further reduce debt, the company is pursuing the sale of various assets.

Among these efforts, CSN is seeking a buyer for its cement arm, CSN Cimentos. The company has received binding offers for the business from Huaxin, Polimix, and a consortium composed of Votorantim and Cementir.