Cosipa Receives Consents to Amend 2016

Brazilian steel company Cosipa has received consents from holders of $140.747m of existing 8.25% 2016s, allowing it to amend the indenture governing the notes. 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 validly delivered 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.