Codelco in $2 Billion Offering

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in its $2 billion Rule 144A/Reg S debt offering, comprised of the reopening of $500 million of 6.300% notes due 2053 and the new issuance of $1.5 billion of 6.440% notes due 2036.

The offering priced on January 23, 2024, and is expected to settle on January 26, 2024. The notes are expected to be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Santander US Capital Markets LLC acted as initial purchasers.

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