Cia. Siderúrgica Nacional initiated a cash tender offer for its outstanding 6.50% senior unsecured guaranteed notes due 2020, with US$433.6 million in principal outstanding.

The offer is priced at US$1,020 per US$1,000 in principal and expires Jan. 24 with settlement anticipated within five business days thereafter, the company said in a Jan. 17 statement.

The steel and iron ore producer cut its full-year 2019 guidance for adjusted EBITDA to 7.5 billion Brazilian reais in October 2019, down from previous guidance of 8.5 billion reais.

As of Jan. 16, US$1 was equivalent to 4.18 Brazilian reais.