Codelco in $780 Million Offering and Cash Tender Offer

October 22, 2021

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in a reopening of its $780 million Rule 144A/Reg S debt offering of 3.7% notes due 2050.

Cleary also represented Codelco in three concurrent cash tender offers using the proceeds of the debt offering and cash to purchase any and all of its outstanding 4.5% notes due 2023, 2.25% notes due 2024, and 4.5% notes due 2025 in an abbreviated five-day tender offer.

The cash tender offers launched on October 12, 2021. The debt offering launched on October 19, 2021. The debt offering and cash tender offers both settled on October 22, 2021. BNP Paribas Securities Corp., BofA Securities Inc., J.P. Morgan Securities LLC, and Santander Investment Securities 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.