USIMINAS Announces An Additional Extension Of Its Consent Solicitation Relating To Its Outstanding Notes

BELO HORIZONTE, Brazil, Dec. 23, 2016 /PRNewswire/ -- Usinas Siderúrgicas de Minas Gerais S.A.—USIMINAS, a company incorporated with limited liability under the laws of the Federative Republic of Brazil (the "Company"), and its subsidiary Usiminas Commercial Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "Issuer"), announced today that they have further extended the expiration date for the solicitation of consents (the "Consent Solicitation") from holders of the Issuer's 7.25% Notes due 2018, unconditionally and irrevocably guaranteed by the Company, and originally issued in the aggregate principal amount of US$400,000,000 (the "Notes") (CUSIP: 91732BAA7; G93085AA9), which is being conducted pursuant to terms contained in the consent solicitation statement dated December 1, 2016 (the "Consent Solicitation Statement").  The Consent Solicitation was originally set to expire at 11:59 p.m. on December 15, 2016, but had been extended until 11:59 p.m., New York Time, on December 23, 2016 by means of a press release issued by the Company on December 16, 2016. The Company hereby announces that the Consent Solicitation will now be open for the receipt of consents until 11:59 p.m., New York Time, on January 12, 2017 (the "Further Amended Consent Date").  All references in the Consent Solicitation Statement to the Consent Date shall now be deemed to be references to the Further Amended Consent Date.  

The Company is undertaking the Consent Solicitation to temporarily waive, until June 30, 2017, the Company's past noncompliance with the negative pledge covenant set forth in the indenture governing the Notes resulting from the perfection of security interests over the collateral granted to certain Brazilian bank lenders and debenture holders in the context of the renegotiation of the Company's indebtedness, as more fully described in the Consent Solicitation Statement. As of 5:00 p.m. on December 23, 2016, the Company had obtained consents from the holders of 48.65% of the aggregate outstanding principal amount of the Notes.

Any holder of Notes who has previously delivered a consent pursuant to the Consent Solicitation Statement does not need to redeliver such consent or take any other action.  Any holder of Notes who has not yet delivered a consent should follow the instructions set forth in the Consent Solicitation Statement, and may use the previously distributed consent form for purposes of delivering its consent.