Cosipa Seeks Consents

Brazilian steel company Cosipa is seeking consents to amend the indenture governing its 8.25% 2016s. The idea is to establish the same covenant package contained in the 7.25% 2018s issued by Usiminas, which merged with Cosipa in April 2009. The 2018s have less restrictive covenants thanks to Usiminas’ investment grade rating. Holders who are validly deliver consents before the expiration date of July 27 will receive $2.50 for each $1,000 in principal. Itau BBA is acting as dealer manager.