Codelco in $2 Billion Offering

January 14, 2020

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in its $1 billion Rule 144A/Reg. S debt offering of 3.15% notes due 2030 and $1 billion Rule 144A/Reg. S debt offering of 3.7% notes due 2050.

The 2050 notes form part of the same series of Codelco’s outstanding $900 million 3.7% notes due 2050 issued on September 30, 2019, resulting in a total aggregate principal amount outstanding of $1.9 billion in this series.

The debt offering launched on January 7, 2020, and closed on January 14, 2020. BofA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, and Scotia Capital (USA) Inc. acted as initial purchasers for the offering.

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