Codelco in $1.2 Billion Financing Transactions

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in its $800 million Rule 144A/Reg. S debt offering of 3.75% notes due 2031, $131 million Reg. S reopening of its 4.5% notes due 2023, and two bilateral credit facilities totaling $265 million.

The Rule 144A/Reg. S debt offering launched on April 29, 2020, and closed on May 6, 2020. BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, and Scotia Capital (USA) Inc. acted as initial purchasers for the offering.

The Reg. S reopening launched on April 30, 2020, and closed on May 8, 2020. Banco Santander S.A. acted as dealer manager for the offering.

The Bank of Nova Scotia acted as lender for the bilateral credit facility in the amount of $165 million, which signed on April 24, 2020, and drawn down on April 29, 2020.

BNP Paribas acted as lender for the bilateral credit facility in the amount of $100 million, which signed on May 4, 2020, and drawn down on May 6, 2020.

Codelco, a Chilean state-owned company, is the world’s largest copper producer.