Cosipa Commercial Ltd. Announces Expiration and Final Results of Consent Solicitation for Amendments to Its 8.25% Series 2 Medium-Term Notes Due 2016 Unconditionally and Irrevocably Guaranteed by Usinas Siderurgicas De Minas Gerais S.A.—USIMINAS

NEW YORK, Aug. 1, 2011 /PRNewswire/ -- Cosipa Commercial Ltd., an exempted company incorporated with limited liability in the Cayman Islands (the "Company"), announced today the final results of the previously announced consent solicitation (the "Consent Solicitation") to amend the indenture (the "Proposed Amendments") governing its 8.25% Series 2 Medium-Term Notes due 2016 (the "2016 Notes") unconditionally and irrevocably guaranteed by Usinas Siderurgicas De Minas Gerais S.A.—USIMINAS ("Usiminas") which expired at 5:00 p.m., New York City time, on July 27, 2011 (the "Expiration Date").  

At the Expiration Date, consents from holders of US$140,747,000 principal amount of the Notes had been received and not validly withdrawn, representing approximately 70.37% of the outstanding aggregate principal amount of the Notes. Accordingly, the Company received the required consents from security holders of record representing more than 50% in aggregate principal amount of the 2016 Notes (excluding any 2016 Notes that are owned by the Company, Usiminas or any of their respective affiliates), as required under the indenture.

Holders who delivered their consents on or prior to the Expiration Date and who did not withdraw their consents will receive the consent fee equal to US$2.50 per US$1,000 original principal amount of the Notes.

The Company conducted the Consent Solicitation in accordance with the terms and conditions of the consent solicitation statement and related letter of consent dated July 12, 2011.  Settlement is expected to occur on August 1, 2011 at which time the supplemental indenture reflecting the Proposed Amendments will become operative.

Itau BBA USA Securities, Inc. acted as the Solicitation Agent and D.F. King & Co., Inc. acted as the Tabulation and Information Agent.  Questions may be directed to the Solicitation Agent at 1-888-770-4828 (toll free) or 1 (212) 710-6749 (collect).  Requests for documents should be directed to the Tabulation and Information Agent at 1-800-967-7921 (toll free) or 1-212-269-5550 (banks and brokers).

Cosipa Commercial Ltd. is an exempted company incorporated under the laws of the Cayman Islands and is a wholly-owned subsidiary of Usiminas.  The executive offices of Usiminas are located at Rua Professor Jose Vieira de Mendonca, 3011—Engenho Nogueira, 31310-260 — Belo Horizonte, MG, Brazil, and its telephone number is + 55 31 3499-8000.  Its website is www.usiminas.com.  Usiminas is registered with the Brazilian Securities Commission (Comissao de Valores Mobiliarios), or CVM, as a publicly held company (companhia aberta).  Usiminas files annual, interim and other reports with the CVM and these reports are available at http://www.cvm.gov.br.

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF CONSENTS WITH RESPECT TO ANY SECURITIES.  THE SOLICITATION WAS MADE SOLELY PURSUANT TO THE ABOVE-DESCRIBED CONSENT SOLICITATION STATEMENT DATED JULY 12, 2011 AND THE RELATED LETTER OF CONSENT.

SOURCE Usiminas