Corporación Nacional del Cobre de Chile’s $2.750 Million Notes Offering

Cleary Gottlieb Steen & Hamilton, Carey, Philippi, Prietocarrizosa, Ferrero DU & Uría and Davis Polk advised on the transaction

Corporación Nacional del Cobre de Chile finalized the offering of $1.5 billion aggregate principal amount of its 3.625% notes due 2027 and $1.25 billion aggregate principal amount of its 4.500% notes due 2047. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

The company completed a contestual concurrent tender offer of any and all of its 7.500% notes due 2019, 3.750% notes due 2020 and 3.875% notes due 2021 (the “Any and All Notes”) and a waterfall cash tender offer for $2.75 billion (less the aggregate total consideration for the Any and All Notes) aggregate principal amount of its 3.000% notes due 2022, 4.500% notes due 2023 and 4.500% notes due 2025, which are being financed with the proceeds from the offering.

HSBC Securities (USA) Inc., J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated and MUFG Securities Americas Inc. acted as initial purchasers.

CODELCO is Chile’s state-owned copper mining company and is the world’s largest copper producer, controlling approximately 7% of the world’s proved and probable copper reserves.

Cleary Gottlieb Steen & Hamilton LLP advised Corporación Nacional del Cobre de Chile with Duane McLaughlin (Picture), David López, Erika Nijenhuis, Aaron Saunders, Julian Hill, Rebecca Reeb, Jane Song and Leidy Valencia.

In Chile, Carey advised Corporación Nacional del Cobre de Chile with Diego Peralta, Fernando Noriega, Manuel Alcalde, Elvira Vial and Juan Pablo Loyola.

Davis Polk advised the initial purchasers and the dealer managers with a team including Nicholas A. Kronfeld, counsel Katia Brener and associate Rahim Manji. The tax team included partner Michael Mollerus and associate Isaac MacDonald.

In Chile, Philippi, Prietocarrizosa, Ferrero DU & Uría advised the Initial Purchasers with Marcelo Armas, Marcela Silva, Javiera Suazo, Isidora Edwards, Vicente Vergara and Benjamín Cuevas.

 

Involved fees earner: Diego Peralta – Carey; Fernando Noriega – Carey; Elvira Vial – Carey; Juan Pablo Loyola – Carey; Manuel Alcalde – Carey; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Isidora Edwards – Philippi Prietocarrizosa Ferrero DU & Uría; Vicente Vergara Campusano – Philippi Prietocarrizosa Ferrero DU & Uría; Benjamín Cuevas – Philippi Prietocarrizosa Ferrero DU & Uría; Javiera Suazo – Philippi Prietocarrizosa Ferrero DU & Uría; Nicholas Kronfeld – Davis Polk & Wardwell; Katia Brener – Davis Polk & Wardwell; Rahim Manji – Davis Polk & Wardwell; Michael Mollerus – Davis Polk & Wardwell; Isaac MacDonald – Davis Polk & Wardwell; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Aaron Saunders – Cleary Gottlieb Steen & Hamilton; Julian Hill – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; Rebecca Reeb – Cleary Gottlieb Steen & Hamilton; Jane Song – Cleary Gottlieb Steen & Hamilton;

Law Firms: Carey; Philippi Prietocarrizosa Ferrero DU & Uría; Davis Polk & Wardwell; Cleary Gottlieb Steen & Hamilton;

Clients: HSBC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JP Morgan Securities; Corporación Nacional del Cobre de Chile; Mitsubishi UFJ Financial Group;