Chuquicamata, Chile, open pit copper mine. Credit: Everton Lourenco/Shutterstock.comCleary Gottlieb Represents Chile's Codelco in $2B Debt Offer
Cleary has been active in Chile recently, having announced last week its representation of Santiago-based LATAM Airlines in the carrier's $1.9 billion partnership with Delta Airlines.
October 03, 2019 at 04:42 PM
2 minute read
Cleary Gottlieb Steen & Hamilton represented longstanding client Corporación Nacional del Cobre de Chile (Codelco), a Chilean state-owned company that is the world's largest copper producer, in a $2 billion debt offer and related tender.
The debt offering consisted of $1.1 billion Rule 144A/ Reg S, 3% notes due 2029 and $900 million of Rule 144A/ Reg S, 3.7% notes due 2050.
The Cleary team included New York-based partners Duane McLaughlin and Jason Factor. Chilean law firm Carey counseled Codelco in Chile under partner Diego Peralta.
Cleary has been active in Chile recently, having just announced last week its representation of Santiago-based LATAM Airlines in the carrier's $1.9 billion partnership with Delta Airlines.
Bank of America, HSBC, JPMorgan and Scotia acted as initial purchasers for the bond offering and as dealer managers for the cash tender offers. Davis Polk & Wardwell, led by partner Nicholas Kronfeld, counselled the underwriters in New York while Philippi Prietocarrizosa Ferrero DU & Uría offered the banks counsel in Chile under partner Marcelo Armas.
Cleary also represented Codelco in two concurrent cash tender offers using the proceeds of the debt offering to purchase outstanding 3.75% notes due 2020 and 3.875% notes due 2021, in an abbreviated five-day tender offer. In addition, the tender included a specified principal amount of 3% notes due 2022, 4.50% notes due 2023 and 4.50% notes due 2025 with a waterfall feature giving priority to certain series of notes.
The debt offering and cash tender offers both launched on September 23. The debt offering was expected to close on September 30, while the five-day cash tender offer was expected to settle on October 2.
Fitch rated the new debt issuance A-minus, saying ties between Codelco and the government of Chile are very strong.
"These new issuances improve the liquidity and amortisation debt profile of the company in the medium term and Fitch doesn't expect that they will significantly affect the credit profile of Codelco," the ratings agency said.
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