Codelco in $2 Billion Offering and Tender Offer
October 2, 2019
Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in its $1.1 billion Rule 144A/Reg. S debt offering of 3% notes due 2029 and $900 million Rule 144A/Reg. S debt offering of 3.7% notes due 2050.
Cleary also represented Codelco in two concurrent cash tender offers using the proceeds of the debt offering to purchase any and all of its outstanding 3.75% notes due 2020 and 3.875% notes due 2021 in an abbreviated five-day tender offer, and up to a specified principal amount of its 3% notes due 2022, 4.5% notes due 2023, and 4.5% notes due 2025 in a tender offer that included a waterfall feature giving priority to certain series of notes.
The debt offering and cash tender offers both launched on September 23, 2019. The debt offering closed on September 30, 2019. The five-day cash tender offer settled on October 2, 2019. BofA Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, and Scotia Capital (USA) Inc. acted as initial purchasers for the bond offering and as dealer managers for the cash tender offers.
Codelco is a Chilean state-owned company that is the world’s largest copper producer.