Brazil's CSN lands $1.2B secured credit facility from nine-bank syndicate
What's the deal? Companhia Siderúrgica Nacional (CSN)Dealroom has a profile for this one. Try Dealroom →, one of Brazil's largest integrated steel and mining conglomerates, has secured a US$1.2 billion senior secured syndicated credit facility. The financing was arranged through subsidiary CSN Inova VenturesDealroom has a profile for this one. Try Dealroom → and matures in 2031.
Who's involved? The facility was arranged with Morgan StanleyDealroom has a profile for this one. Try Dealroom →, Citicorp, Credit AgricoleDealroom has a profile for this one. Try Dealroom →, HSBC Bank USA, HSBC MexicoDealroom has a profile for this one. Try Dealroom →, Banco XP Cayman BranchDealroom has a profile for this one. Try Dealroom →, BNP Paribas, Banco do Brasil New York BranchDealroom has a profile for this one. Try Dealroom →, and Banco Bradesco New York BranchDealroom has a profile for this one. Try Dealroom →. It includes an option to raise the total by up to an additional US$200 million and is backed by a comprehensive security package.
What's the endgame? The deal gives CSN long-dated funding through 2031, drawing on a syndicate that spans US, European, and Brazilian lenders. Maples and CalderDealroom has a profile for this one. Try Dealroom → acted as Cayman Islands counsel to CSN Inova Ventures.
Why it stands out: The raise ranks in the 94th percentile among post-IPO debt deals in Brazil's energy sector over the trailing 48 months, based on a sample of 103 rounds. That places it near the top of comparable financings by size.
The signal: Access to a nine-bank international syndicate signals continued lender appetite for large Latin American industrial borrowers. For CSN, the security-backed structure and 2031 maturity point to a strategy of locking in capital on longer terms as it funds its steel and mining operations.
Read more: maples.com
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