Companhia Siderúrgica Nacional (CSN) entered into a binding commitment letter for a new syndicated senior secured credit facility of US$1.2 billion (expandable to US$1.4 billion) with CSN Inova Ventures as borrower and CSN and CSN Cimentos Brasil S.A. as guarantors. Proceeds will refinance existing indebtedness as part of the company's asset divestment program to optimize capital structure.
Key takeaways
Binding commitment letter dated March 20, 2026, with Morgan Stanley Senior Funding, Inc., Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Banco XP S.A., BNP Paribas Sec Corp., Banco do Brasil S.A. New York Branch, and Banco Bradesco S.A.
Facility principal: US$1.2 billion, potential increase to US$1.4 billion.
Interest rate: SOFR + 6% per annum; maturity: 5 years.
Borrower: CSN Inova Ventures; guarantors: CSN and CSN Cimentos Brasil S.A.
Use of proceeds: refinance existing indebtedness and pay related fees and expenses.
Part of January 15, 2026, asset divestment program; subject to definitive documentation and customary closing conditions.