By William Gullotti and Cristal Cody
Buffalo, N.Y., Jan. 31 – Corporacion Nacional del Cobre de Chile (Codelco) priced $900 million of 5 1/8% senior notes due 2033 (A3/A) on Monday at a spread of 158 basis points over Treasuries, according to information from a market source.
Pricing started in the Treasuries plus 200 bps area.
The bookrunners are BofA Securities, BNP Paribas, Santander and Scotia Capital.
The order book was oversubscribed by a factor of 10 from 400 accounts.
Proceeds, according to a company press release, will be used to enhance liquidity. Moody’s Investors Service noted that proceeds would be used for general corporate purposes, including to fund upcoming debt maturities.
Codelco is a Santiago, Chile-based copper mining company.
Issuer: | Corporacion Nacional del Cobre de Chile (Codelco)
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Amount: | $900 million
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Issue: | Senior notes
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Maturity: | Feb. 2, 2033
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Bookrunners: | BofA Securities, BNP Paribas, Santander and Scotia Capital
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Coupon: | 5 1/8%
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Yield: | 5.133%
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Spread: | Treasuries plus 158 bps
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Pricing date: | Jan. 30
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Ratings: | Moody’s: A3
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| S&P: A
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Initial talk: | Treasuries plus 200 bps area
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