Antofagasta Mineral’s $500 Million Inaugural Bond Offering


Sullivan & Cromwell, Jara Del Favero, Clifford Chance and Philippi Prietocarrizosa Ferrero DU & Uría advised on the transaction

Antofagasta plc, the parent company of a Chile-based copper mining group with significant production and interests in transportation, completed its inaugural $500 million offering of 2.375% senior unsecured notes due 2030. The offering was 12 times oversubscribed, despite the ongoing COVID-19 pandemic.

The bond issuance will diversify Antofagasta’s sources of funding and introduce long-term financing into its capital structure. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as global coordinators for the initial purchasers of the notes. The notes are listed on the Main Market of the London Stock Exchange.

The S&C advised Antofagasta with a team including John Estes (Picture), Sergio Galvis, Benjamin Kent Virginia Cueva, Vanessa Blackmore, Andrew Thomson, Jeffrey Hochberg and Saul Brander.

In Chile, Jara Del Favero advised Antofagasta with Felipe Ovalle Pacheco.

Clifford Chance advised Citigroup Global Markets Inc., J.P. Morgan Securities LLC BNP Paribas Securities Corp., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. with John Connolly, Robert Crothers, Christopher Osborne and Nnesochi Ajukwu.

Philippi Prietocarrizosa Ferrero DU & Uría advised Citigroup Global Markets Inc., J.P. Morgan Securities LLC BNP Paribas Securities Corp., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. with Marcelo Armas MacDonald, Marcela Silva González, Daniel Parodi Nebreda, Aref Cosma, Macarena Soto, Santiago Mesías and Vera Yacher.

Involved fees earner: Nnesochi Ajukwu – Clifford Chance; John Connolly – Clifford Chance; Robert Crothers – Clifford Chance; Christopher Osborne – Clifford Chance; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Aref Cosma – Philippi Prietocarrizosa Ferrero DU & Uría; Santiago Mesías – Philippi Prietocarrizosa Ferrero DU & Uría; Daniel Parodi Nebreda – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Macarena Soto – Philippi Prietocarrizosa Ferrero DU & Uría; Vera Yacher – Philippi Prietocarrizosa Ferrero DU & Uría; Vanessa Blackmore – Sullivan & Cromwell; Saul Brander – Sullivan & Cromwell; Virginia Cueva – Sullivan & Cromwell; John Estes – Sullivan & Cromwell; Sergio Galvis – Sullivan & Cromwell; Jeffrey Hochberg – Sullivan & Cromwell; Benjamin Kent – Sullivan & Cromwell; Andrew Thomson – Sullivan & Cromwell;

Law Firms: Clifford Chance; Philippi Prietocarrizosa Ferrero DU & Uría; Sullivan & Cromwell;

Clients: Antofagasta Minerals S.A.; BNP Paribas Securities; Citigroup Global Markets Ltd; JP Morgan Securities; Scotia Capital Inc.; SMBC Nikko Securities America;

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Author: Ambrogio Visconti