Corporación Nacional del Cobre (Codelco) de Chile’s $1.3 Billion Notes Offering

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

Corporación Nacional del Cobre de Chile executed its offering of $1.3 billion aggregate principal amount of its 4.375% notes due 2049. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. acted as initial purchasers on the offering.

CODELCO is Chile’s state-owned copper mining company and is the world’s largest copper producer, controlling approximately 6% of the world’s proved and probable copper reserves.

Cleary Gottlieb Steen & Hamilton advised Corporación Nacional del Cobre (Codelco) with Duane McLaughlin (Picture), Erika W. Nijenhuis, Lizzie Gómez, Julian Cardona and Lorenz Haselberger.

In Chile, Carey advised Corporación Nacional del Cobre (Codelco) with Diego Peralta Valenzuela, Felipe Tupper, Fernando Noriega, Elvira Vial, Paluska Solar Pleguezuelos, Nadia Jara Astudillo and Rafael Mackay.

Davis Polk advised the initial purchasers with a team including Nicholas A. Kronfeld, counsel Katia Brener and associates Rahim Manji and Isabel Rivera. The tax team included counsel Ethan R. Goldman and associates Aliza Slansky and Eitan Ulmer.

In Chile, Philippi Prietocarrizosa Ferrero DU & Uría advised HSBC Securities (USA) Inc. with Marcelo Armas, Marcela Silva, Macarena Valenzuela, Francisca Rebolledo and Santiago Mesías.

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Author: Ambrogio Visconti