CAP SA’s $300 Million Notes Offering

Cleary Gottlieb Steen & Hamilton and Claro & Cia advised CAP SA on the transaction.
Davis Polk & Wardwell and Philippi Prietocarrizosa Ferrero DU & Uría advised the initial purchasers.

CAP S.A. (CAP) executed its offering of $300 million 3.9% senior notes due 2031.

Bank of America Securities and J.P. Morgan acted as initial purchasers. The offering is being conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside of the United States in reliance on Regulation S. The issuance priced on April 22, 2021, and closed on April 27, 2021.

This issuance marks the first time CAP issued New York law-governed bonds in the international capital markets since 2006.

CAP is the largest iron mining company in Chile and the largest producer of steel in Chile, with an integrated ferrous metals operation that leverages its strong presence in the iron ore industry to also offer a wide range of innovative steel products for growing economies around the world.

Cleary Gottlieb Steen & Hamilton advised CAP SA with Adam Brenneman (Picture), Jason R. Factor, Antonio Pietrantoni, Ashley Miller, Zhiyuan Zuo and Carla Cardoza. 

Claro & Cia. advised CAP SA in Chile.

Asesores de BofA Securities, Inc. and J.P. Morgan Securities LLC, Inc. 

In US, Davis Polk & Wardwell advised the initial purchasers with Maurice Blanco, Katia Brener, Drew Glover, Kiara L. Rankin and Javier Felix. 

In Chile, Philippi Prietocarrizosa Ferrero DU & Uría advised the initial purchasers with a team including Marcelo Armas MacDonald, Daniel Parodi Nebreda and Macarena Soto.

Involved fees earner: Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Carla Cardoza Vidal – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Ashley Miller – Cleary Gottlieb Steen & Hamilton; Antonio Pietrantoni – Cleary Gottlieb Steen & Hamilton; Zhiyuan Zuo – Cleary Gottlieb Steen & Hamilton; Maurice Blanco – Davis Polk & Wardwell; Katia Brener – Davis Polk & Wardwell; Javier Felix – Davis Polk & Wardwell; Drew Glover – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Daniel Parodi Nebreda – Philippi Prietocarrizosa Ferrero DU & Uría; Macarena Soto – Philippi Prietocarrizosa Ferrero DU & Uría;

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

Clients: Bank of America Securities; CAP S.A.; JP Morgan Securities;

Author: Martina Bellini