NEW YORK –  CSN Resources S.A., a subsidiary of Brazilian steelmaker Companhia Siderurgica Nacional (SID, CSNA3.BR), sold $200 million of U.S. dollar-denominated bonds in the U.S. credit markets on Friday, according to a person familiar with the deal.

The deal was a reopening of, or addition to, a US$1 billion euro-notes deal, which matures July 21, 2020.

The 6.50% coupon bonds were priced to yield 5.60%, for a spread of 370.9 basis points over Treasurys. Earlier pricing guidance was 5.65%.

The bonds were rated Ba1 by Moody's Investors Service, BBB by Standard & Poor's, and BBB-minus by Fitch Ratings.

Proceeds from the add-on issuance will be made available to CSN and its subsidiaries to repay short-term debt and extend the maturity profile of their debt, and for general corporate purposes.

"The investment grade 'BBB-' rating on the notes reflects CSN's extremely strong liquidity and modest leverage," Fitch wrote Friday, noting that CSN held more than BRL15.6 billion ($8.9 billion) in cash and marketable securities, and that its cash-to short-term debt ratio stood at 6.7x.

The deal was underwritten by Banco do Brasil Securities, Bank of America Merrill Lynch, Deutsche Bank, and Morgan Stanley.

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