{"id":987723,"date":"2026-07-30T21:39:49","date_gmt":"2026-07-31T01:39:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/announcement-of-private-exchange-offer-for-any-and-all-of-csn-inova-ventures-outstanding-6-750-senior-notes-due-2028-and-consent-solicitation\/"},"modified":"2026-07-30T21:39:49","modified_gmt":"2026-07-31T01:39:49","slug":"announcement-of-private-exchange-offer-for-any-and-all-of-csn-inova-ventures-outstanding-6-750-senior-notes-due-2028-and-consent-solicitation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/announcement-of-private-exchange-offer-for-any-and-all-of-csn-inova-ventures-outstanding-6-750-senior-notes-due-2028-and-consent-solicitation\/","title":{"rendered":"Announcement of Private Exchange Offer for Any and All of CSN Inova Ventures\u2019 Outstanding 6.750% Senior Notes due 2028 and Consent Solicitation"},"content":{"rendered":"
\n

S\u00e3o Paulo, July 30, 2026 (GLOBE NEWSWIRE) — Companhia Sider\u00fargica Nacional <\/strong>(\u201cCSN<\/u>\u201d) (NYSE: SID) announced today that its subsidiary, CSN Inova Ventures (formerly CSN Islands XI Corp.) (the \u201cIssuer<\/u>\u201d), an exempted company incorporated under the laws of the Cayman Islands and a direct wholly-owned subsidiary of CSN, has commenced an offer to exchange (the \u201cExchange Offer<\/u>\u201d) any and all of its outstanding 6.750% Senior Notes due 2028 (the \u201c2028 Notes<\/u>\u201d) held by Eligible Holders, as defined below, for the Issuer\u2019s 11.000% Senior Notes due 2030 (the \u201cNew Notes<\/u>\u201d) and cash. The 2028 Notes are fully, unconditionally and irrevocably guaranteed by CSN.<\/p>\n

The New Notes are subject to an interest rate decrease by 50 basis points to 10.500% per annum if (i) the aggregate principal amount of the New Notes is reduced by at least US$200 million and (ii) such reduction occurs and is given effect by DTC at any time prior to February 12, 2028 (the \u201cStep Down Deadline<\/u>\u201d). The Issuer may redeem the New Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of New Notes plus <\/em>accrued and unpaid interest to, but excluding, the redemption date.<\/p>\n

The following table sets forth the material pricing terms of the Exchange Offer and Consent Solicitation (as defined below):<\/p>\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Exchange Consideration per US$1,000 Principal Amount of<\/strong>
\n
\n 2028 Notes Tendered On or Prior to the Expiration Time <\/strong>
\n (1)<\/sup>
\n (2)<\/sup>\n <\/td>\n<\/tr>\n
\n Notes to be Exchanged<\/strong>\n <\/td>\n\u00a0<\/td>\n\n CUSIP\/ISINs Nos.<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Outstanding Principal Amount<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Principal Amount of New Notes per US$1,000<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Cash Consideration per US$1,000<\/strong>\n <\/td>\n<\/tr>\n
6.750% Senior Notes due 2028<\/td>\n\u00a0<\/td>\nRule 144A: 12642KAB0 \/ US12642KAB08<\/p>\n

Regulation S: G2583X AB7 \/ USG2583XAB76<\/td>\n

\u00a0<\/td>\nUS$1,300,000,000<\/td>\n\u00a0<\/td>\nUS$746.15<\/td>\n\u00a0<\/td>\nUS$253.85<\/td>\n<\/tr>\n<\/table>\n

________________<\/p>\n\n\n\n\n\n
(1<\/td>\n)<\/td>\nFor each US$1,000 principal amount of 2028 Notes validly tendered (and not validly withdrawn) at or prior to the Expiration Time (as defined below) and accepted for exchange, Eligible Holders (as defined below) will be eligible to receive the Exchange Consideration (as defined below) consisting of (i) US$253.85 in cash (the \u201cCash Consideration\u201d) plus (ii) US$746.15 in aggregate principal amount of New Notes (the consideration under (i) and (ii) collectively, the \u201cExchange Consideration\u201d).<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(2<\/td>\n)<\/td>\nThe Exchange Consideration set forth in the table above assumes that all outstanding 2028 Notes are validly tendered (and not validly withdrawn) at or prior to the Expiration Time and that such 2028 Notes are accepted for exchange.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

In connection with the Exchange Offer, the Issuer is soliciting (the \u201cConsent Solicitation<\/u>\u201d and, together with the Exchange Offer, the \u201cExchange Offer and Consent Solicitation<\/u>\u201d) consents (the \u201cConsents<\/u>\u201d) to the adoption of certain amendments (the \u201cProposed Amendments<\/u>\u201d) to the indenture governing the 2028 Notes. Eligible Holders who tender their 2028 Notes pursuant to the Exchange Offer must also deliver Consents to the Proposed Amendments. Eligible Holders may not deliver Consents to the Proposed Amendments without also validly tendering their 2028 Notes.<\/p>\n

The Exchange Offer and Consent Solicitation is being made solely to Eligible Holders upon the terms and subject to the conditions set forth in the exchange offering memorandum (the \u201cOffering Memorandum<\/u>\u201d). The Exchange Offer and Consent Solicitation is being made only (a) in the United States, to holders of 2028 Notes who are reasonably believed to be \u201cqualified institutional buyers\u201d (as defined in Rule 144A under the Securities Act of 1933, as amended (the \u201cSecurities Act<\/u>\u201d)), and (b) outside the United States, to holders of 2028 Notes who are not \u201cU.S. persons\u201d (as defined in Regulation S under the Securities Act) in offshore transactions in reliance on Regulation S. We refer to the holders of 2028 Notes who have certified that they are eligible to participate in the Exchange Offer and Consent Solicitation pursuant to at least one of the foregoing conditions as \u201cEligible Holders<\/u>.\u201d<\/p>\n

The Exchange Offer and Consent Solicitation is scheduled to expire at 5:00 p.m., New York City time, on August 10, 2026, unless extended or earlier terminated as described in this press release (such time, as may be extended, the \u201cExpiration Time<\/u>\u201d). Holders of 2028 Notes who validly tender (and do not validly withdraw) their 2028 Notes at or prior to the Expiration Time will be eligible to receive the Exchange Consideration set forth in the table above for each US$1,000 principal amount of 2028 Notes validly tendered and accepted for exchange, plus <\/em>Accrued Interest (as defined in the Offering Memorandum). Validly tendered 2028 Notes may be validly withdrawn at any time at or prior to the Withdrawal Deadline (as defined below) but not thereafter.<\/p>\n

The Exchange Offer and Consent Solicitation is conditioned upon Eligible Holders validly tendering and not validly withdrawing at least US$910.0 million aggregate principal amount of 2028 Notes (representing 70% of outstanding 2028 Notes) (the \u201cMinimum Participation Condition<\/u>\u201d). The Issuer expressly reserves the right, in its sole discretion, to amend, extend or terminate the Exchange Offer and Consent Solicitation, including the Minimum Participation Condition, subject to disclosure and other requirements under applicable law, including if any of the conditions set forth in the Offering Memorandum are not satisfied. If the Exchange Offer and Consent Solicitation is terminated at any time, 2028 Notes tendered will be promptly returned to the tendering holders without compensation or cost to such holders and will remain outstanding.<\/p>\n

The Withdrawal Deadline is 5:00 p.m., New York City time, on August 10, 2026 (the \u201cWithdrawal Deadline<\/u>\u201d), which is the Expiration Time, unless extended with respect to the Exchange Offer and Consent Solicitation by the Issuer in its sole discretion. Withdrawal rights are exercisable at least until the earlier of (x) the Expiration Time and (y) if the Exchange Offer and Consent Solicitation is extended, the tenth business day after commencement of the Exchange Offer and Consent Solicitation. Assuming the period of the Exchange Offer and Consent Solicitation is not extended, settlement of the Exchange Offer and Consent Solicitation is expected to occur on August 12, 2026, which is the second business day following the Expiration Time (the \u201cSettlement Date<\/u>\u201d).<\/p>\n

The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offering Memorandum, copies of which may be obtained from D.F. King & Co., Inc., the information and exchange agent (the \u201cInformation and Exchange Agent<\/u>\u201d) for the Exchange Offer and Consent Solicitation, at www.dfking.com\/csn<\/em>, by telephone at +1 (800) 515-4507 (U.S. toll free) or +1 (646) 582-2970 (collect), in writing to 28 Liberty Street, 53rd Floor, New York, NY 10005, or by email to csn@dfking.com<\/em>.<\/p>\n

The Issuer has engaged Banco Bradesco BBI S.A., BNP Paribas Securities Corp., Citigroup Global Markets Inc, Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., Morgan Stanley& Co. LLC, UBS Investment Bank and XP Investimentos Corretora de C\u00e2mbio, T\u00edtulos e Valores Mobili\u00e1rios S.A. to act as the dealer managers (the \u201cDealer Managers<\/u>\u201d) in connection with the Exchange Offer and Consent Solicitation. Questions regarding the terms of the Exchange Offer and Consent Solicitation may be directed to, Banco Bradesco BBI S.A. at Av Presidente Juscelino Kubitschek, n.\u00ba 1309, 5th floor, S\u00e3o Paulo, SP, 04543-011, Brazil, BNP Paribas Securities Corp. at 787 Seventh Avenue, New York, New York 10019, by telephone at +1 (212) 841-3059 (collect), +1 (888) 210-4358 (toll free), Citigroup Global Markets Inc. at 388 Greenwich Street, 4th floor New York, New York 10013, by telephone at +1 (212) 723-6106, Credit Agricole Securities (USA) Inc. at 1301 Avenue of the Americas, 8th Floor, New York, New York 10019, by telephone at +1 (212) 261-7802 (collect), +1 (866) 807-6030 (toll free), HSBC Securities (USA) Inc. at 66 Hudson Boulevard, New York, NY 10001, by telephone at +1 (212) 525-5552 (collect), +1 (888) HSBC-4LM (toll free) Morgan Stanley & Co. LLC at 1585 Broadway, Floor 6, New York, NY 10036, by telephone at +1 (212) 761-1057 (collect) or +1 (800) 624-1808 (toll free), UBS Investment Bank at 11 Madison Avenue, New York, New York 10010, by telephone at +1 (212) 882-5721 (collect) or +1 (833) 690-0971 and XP Investimentos Corretora de C\u00e2mbio, T\u00edtulos e Valores Mobili\u00e1rios S.A. at Av. Presidente Juscelino Kubitschek, 1909 \u2013 Torre Sul, 30\u00ba andar, CEP 04543-010, S\u00e3o Paulo \u2013 S\u00e3o Paulo, Brazil. The eligibility certificate is available electronically at: www.dfking.com\/csn<\/a> and is also available by contacting the Information and Exchange Agent.<\/p>\n

\n Disclaimer <\/strong>\n <\/p>\n

None of CSN, the Issuer, the Information and Exchange Agent, the Dealer Managers or the trustee for the 2028 Notes, or any of their respective affiliates, is making any recommendation as to whether holders should tender any 2028 Notes in the Exchange Offer and Consent Solicitation or expressing any opinion as to whether the terms of the Exchange Offer and Consent Solicitation are fair to any holder. Holders must make their own decision as to whether to tender any 2028 Notes and, if so, the principal amount of 2028 Notes to tender. Please refer to the Offering Memorandum for a description of the offer terms, conditions, disclaimers and other information applicable to the Exchange Offer and Consent Solicitation.<\/p>\n

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Exchange Offer and Consent Solicitation is being made and the New Notes are being offered and issued only to \u201cqualified institutional buyers\u201d and holders that are not \u201cU.S. persons\u201d as such terms are defined under the Securities Act. The New Notes have not been registered under the Securities Act or under any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act, and, accordingly, are subject to significant restrictions on transfer and resale as more fully described in the Offering Memorandum. The Exchange Offer and Consent Solicitation is not being made to holders of 2028 Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.<\/p>\n

This press release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including those related to the Exchange Offer and Consent Solicitation. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. CSN does not undertake any obligation to publicly correct or update any forward-looking statement if CSN later becomes aware that such statement is not likely to be achieved.<\/p>\n\n\n\n\n\n
\n COMPANHIA SIDER\u00daRGICA NACIONAL<\/strong>
\n
\n Antonio Marco Campos Rabello<\/strong>
\n
\n Chief Financial and Investor Relations Officer<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\n SIGNATURES
<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

Pursuant to the requirements of the U.S. Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.<\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
July 30, 2026<\/td>\n\n Companhia Sider\u00fargica Nacional <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/p>\n

By: <\/p>\n<\/td>\n

\n
\n \/s\/ Benjamin Steinbruch <\/em>
\n
Benjamin Steinbruch<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nTitle:<\/td>\nChief Executive Officer<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/p>\n

By: <\/p>\n<\/td>\n

\n \/s\/ Antonio Marco Campos Rabello<\/em>
\n
Antonio Marco Campos Rabello<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nTitle:<\/td>\nChief Financial and Investor Relations Officer<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

S\u00e3o Paulo, July 30, 2026 (GLOBE NEWSWIRE) — Companhia Sider\u00fargica Nacional (\u201cCSN\u201d) (NYSE: SID) announced today that its subsidiary, CSN Inova Ventures (formerly CSN Islands XI Corp.) (the \u201cIssuer\u201d), an exempted company incorporated under the laws of the Cayman Islands and a direct wholly-owned subsidiary of CSN, has commenced an offer to exchange (the \u201cExchange Offer\u201d) any and all of its outstanding 6.750% Senior Notes due 2028 (the \u201c2028 Notes\u201d) held by Eligible Holders, as defined below, for the Issuer\u2019s 11.000% Senior Notes due 2030 (the \u201cNew Notes\u201d) and cash. The 2028 Notes are fully, unconditionally and irrevocably guaranteed by CSN. The New Notes are subject to an interest rate decrease by 50 basis points to 10.500% per annum if … <\/p>\n

Continue reading “Announcement of Private Exchange Offer for Any and All of CSN Inova Ventures\u2019 Outstanding 6.750% Senior Notes due 2028 and Consent Solicitation”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-987723","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAnnouncement of Private Exchange Offer for Any and All of CSN Inova Ventures\u2019 Outstanding 6.750% Senior Notes due 2028 and Consent Solicitation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/announcement-of-private-exchange-offer-for-any-and-all-of-csn-inova-ventures-outstanding-6-750-senior-notes-due-2028-and-consent-solicitation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Announcement of Private Exchange Offer for Any and All of CSN Inova Ventures\u2019 Outstanding 6.750% Senior Notes due 2028 and Consent Solicitation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"S\u00e3o Paulo, July 30, 2026 (GLOBE NEWSWIRE) — Companhia Sider\u00fargica Nacional (\u201cCSN\u201d) (NYSE: SID) announced today that its subsidiary, CSN Inova Ventures (formerly CSN Islands XI Corp.) (the \u201cIssuer\u201d), an exempted company incorporated under the laws of the Cayman Islands and a direct wholly-owned subsidiary of CSN, has commenced an offer to exchange (the \u201cExchange Offer\u201d) any and all of its outstanding 6.750% Senior Notes due 2028 (the \u201c2028 Notes\u201d) held by Eligible Holders, as defined below, for the Issuer\u2019s 11.000% Senior Notes due 2030 (the \u201cNew Notes\u201d) and cash. The 2028 Notes are fully, unconditionally and irrevocably guaranteed by CSN. 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