White & Case Advises CSN Mineração S.A. on US$1.4 Billion Loan to Aid in the Decarbonization of the Steel Sector

Global law firm White & Case LLP has advised CSN Mineração S.A., the mining arm of Brazilian integrated steel producer Companhia Siderúrgica Nacional S.A., in connection with an export pre-payment financing facility, for an aggregate principal amount of up to US$1.4 billion.

Up to US$980 million of this financing is being provided by the Japan Bank for International Cooperation, and a syndicate of banks, including BNP Paribas (acting through its Tokyo Branch), Citibank, N.A., Tokyo Branch, Crédit Agricole Corporate & Investment Bank, Tokyo Branch, JPMorgan Chase Bank, N.A., Tokyo Branch, Sumitomo Mitsui Trust Bank, Limited, New York Branch, and Sumitomo Mitsui Banking Corporation, will provide the remaining up to US$420 million.

The US$420 million tranche is insured by Nippon Export and Investment Insurance, which covers 97.5 percent of the credit risk and 100 percent of any political risk.

CSN Mineração S.A will use the proceeds of this financing for the construction of a new pellet feed plant to supply high-quality iron ore to its customers, allowing them to produce low-carbon steel and supporting decarbonization strategies for the steel sector. The new plant is expected to produce 15 million tons of pellet feed annually.

The White & Case team included partners Bibiana Jaimes (New York) and Donald Baker (São Paulo), together with São Paulo associate Fabiana Fadel Guillot. Partners Rebecca Campbell (London), Steven Gee (New York) and Richard Burke (Washington, DC), and associates Grayson Weeks (New York) and David Murray (London) assisted with this financing.

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