Codelco’s $2 Billion Debt Offering


Cleary Gottlieb represented Corporación Nacional del Cobre de Chile (Codelco) in the offering.

Codelco issued a U.S.$1,000,000,000 Rule 144A/ Reg S debt offering of 3.150% notes due 2030 and a U.S.$1,000,000,000 Rule 144A/ Reg S debt offering of 3.700% notes due 2050. The 2050 notes form part of the same series of Codelco’s outstanding U.S.$900,000,000 3.700% notes due 2050 issued on September 30, 2019, resulting in a total aggregate principal amount outstanding of U.S.$1,900,000,000 million in this series.

The debt offering launched on January 7, 2020 and closed on January 14, 2020.

BofA Securities, Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. acted as initial purchasers for the offering.

Corporación Nacional del Cobre de Chile (Codelco) is a Chilean state-owned company that is the world’s largest copper producer.

The Cleary team included partner Duane McLaughlin (Picture), associates Lizzie Gomez and Miguel Alvarez Malvido, and law clerk Steven Diaz. Partner Jason Factor, senior attorney David Stewart Fisher, and associate Karl Heiland provided U.S. tax advice.

Involved fees earner: Miguel Alvarez Malvido – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Lizzie Gómez – Cleary Gottlieb Steen & Hamilton; Karl Heiland – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Corporación Nacional del Cobre de Chile;

Author: Ambrogio Visconti