Milbank LLP advised Companhia Siderúrgica Nacional (CSN) and its subsidiaries in connection with an inaugural US$1.2 billion senior secured syndicated credit facility with Morgan Stanley, Citicorp, Credit Agricole, HSBC Bank USA, HSBC Mexico, Banco XP Cayman Branch, BNP Paribas, Banco do Brasil New York Branch and Banco Bradesco New York Branch. The total amount of the facility can be increased by up to an additional US$200 million. The loan matures in 2031 and is secured by CSN’s equity interests in CSN Cimentos and CSN’s European subsidiaries. CSN is one of Brazil’s largest integrated steel and mining conglomerates.
The Milbank team advising CSN was led by Corporate Finance and Securities partner Tobias Stirnberg and included Global Project, Energy and Infrastructure Finance associate Ana Bueno, Corporate Finance and Securities associate Elora Farias and international attorney Maria Rafaela Nunes. The team also had assistance from Tax partner Andrew Walker, Banking and Leveraged Finance partner Dr. Thomas Ingenhoven, LL.M and special counsel Dr. Gerrit Merkel, M.A., Alternative Investments special counsel Joel Cavanaugh, Banking and Leveraged Finance associates Robin Braun LL.M. and Tax associate Wenyie Hua.
