Codelco in $1.5 Billion Offering

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in its $1.5 billion Rule 144A/Reg S debt offering, comprised of the new issuance of $750 million of 6.33% notes due 2035 and of $750 million of 6.78% notes due 2055.

The offering priced on January 8, 2025, and is expected to settle on January 13, 2025. 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.