World’s Largest Copper Producer in $2 Billion Debt Offering

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco), a Chilean state-owned company that is the world’s largest copper producer, in a two-tranche $2 billion Rule 144A/Regulation S offering, comprised of $1.25 billion of 3.00% notes due 2022 and $750 million of 4.25% notes due 2042. The offering, for which HSBC Securities (USA) and J.P. Morgan Securities acted as initial purchasers, priced on July 10 and closed on July 17. Codelco obtained rates among the lowest ever for a U.S. dollar-denominated issuance in the international markets by a Latin American issuer. The issuance also represented Codelco’s largest debt issuance to date.