Cleary Gottlieb assists initial buyers in the reopening of CSN’s notes
Cleary Gottlieb represented BofA Securities, Bradesco BBI, BTG Pactual, Credit Agricole CIB, Itau BBA, Morgan Stanley, Santander, and UBS Investment Bank, as initial purchasers, in the reopening of $200 million 8.875% notes due 2030, issued by CSN Resources, a Luxembourg subsidiary of Companhia Siderúrgica Nacional (CSN), and guaranteed by CSN.
The transaction priced on February 8, 2024, and closed on February 13, 2024. CSN intends to use the net proceeds from the sale of the notes to repay certain indebtedness and for general corporate purposes.
CSN is one of the largest steel producers in Latin America, with business operations in the steel, mining, cement, logistics, and energy segments.
The Cleary corporate team included partners Juan Giráldez and Jonathan Mendes de Oliveira, associate Silvia Fittipaldi, and international lawyer Jean Pontes. Partner Matthew Brigham and associates Joseph Roy and Victoria Ju advised on tax matters. All lawyers are based in Sao Paulo, except Matthew Brigham and Victoria Ju who are based in New York, and Joseph Roy who is based in San Francisco.
