By Brazil Stock Guide – Companhia Siderúrgica Nacional (B3: CSNA3) is close to securing a loan of $1.35 billion to $1.5 billion from a bank syndicate, pledging shares of CSN Cimentos as collateral, according to people familiar with the talks. The deal could be finalized in March, says Agência Estado.
Proceeds would repay offshore bonds due in April, cover part of the R$ 6.2 billion in bank maturities this year and fund buybacks of notes maturing in 2028. Net debt stood at R$ 37.5 billion at the end of the third quarter, with R$ 26.9 billion due between 2026 and 2028.
The syndicate is expected to include Morgan Stanley, Santander, Citi, Deutsche Bank, Banco do Brasil, BNP Paribas and HSBC. The structure would convert unsecured exposure into secured commitments as refinancing conditions tighten.
Fitch last week cut CSN’s rating to B from BB-, citing deleveraging risks. With external markets wary after stress at Braskem and Raizen, banks appear willing to step in — but at a price.