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 $1.3 billion of 5.95% notes due 2034 and $700 million of 6.3% notes due 2053.

The offering priced on September 5, 2023, and settled on September 8, 2023. The notes are expected to be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Moran Securities LLC, Santander US Capital Markets LLC, and Scotia Capital (USA) Inc. acted as initial purchasers.

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