Codelco in $1.4 Billion Offering

Cleary Gottlieb represented longtime client Corporación Nacional del Cobre de Chile (Codelco), the Chilean state-owned mining company, in an offering of $700 million aggregate principal amount of 6.33% notes due 2035 and $700 million aggregate principal amount of 6.78% notes due 2055.

The transaction priced on September 29, 2025, and is expected to settle on October 2, 2025. The notes were offered for sale in the United States pursuant to Rule 144A and abroad pursuant to Regulation S. Codelco intends to use the net proceeds from the sale of the notes for general corporate purposes.

The offering represented a reopening of two outstanding series originally issued on January 13, 2025. With this additional issuance, the total outstanding principal amount of Codelco’s 6.33% notes due 2035 will be $1.45 billion and the total outstanding principal amount of Codelco’s 6.78% notes due 2055 will be $1.45 billion.

The notes are expected to be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market.

BofA Securities Inc., Crédit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers.

Codelco is the world’s largest copper producer and the third largest company in Chile by revenue, playing a central role in both the national economy and the global copper market.