January 24, 2020 |
Brazilian steel company Companhia Siderúrgica Nacional (CSN) sold $1 billion worth of 2028 notes on Thursday and set aside part of the proceeds to buy back outstanding bonds and refinance other short-term debt, according to sources.
CSN priced the eight-year non-call four notes to yield 6.75%, tightening the spread from initial price talk in the low-7% area and guidance in a range from 6.75% to 6.875%, said a source involved in the deal.
The steel company is scheduled to settle the new notes on
Brazilian steel company earns $1 bln to buy back its 2020 notes and pay off other short-term debts