Codelco in $500 Million Offering and Cash Tender Offer

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco) in its $500 million Rule 144A/Reg. S debt offering of 3.15% notes due 2051.

Cleary also represented Codelco in two concurrent cash tender offers using the proceeds of the debt offering and cash to purchase any and all of its outstanding 3.875% notes due 2021, 3% notes due 2022, and 4.5% notes due 2023 in an abbreviated five-day tender offer, and up to a specified principal amount of its 4.5% notes due 2025 and 3.625% notes due 2027.

The debt offering and cash tender offers both launched on December 7, 2020. The debt offering closed on December 14, 2020. The five-day cash tender offer was settled on December 16, 2020. BofA Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Scotia Capital (USA) 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.