Codelco announces results of any-and-all tender offer for three notes

By Cady Vishniac

Detroit, Dec. 7 – Corporacion Nacional del Cobre de Chile (Codelco) has announced the results and pricing of its offer to purchase for cash any and all of three note series due 2021 to 2023, according to a company press release.

The company plans to accept all validly tendered notes.

The notes to be accepted in the any-and-all purchase offer are:

• $14,362,000 of the $226,981,000 outstanding of 3 7/8% notes due 2021 (ISINs: US21987BAP31, USP3143NAN41) at $1,029.53 per $1,000 principal amount, with the price calculated using the 0.125% U.S. Treasury due Nov. 30, 2022 plus 39 basis points;

• $83,852,000 of the $412,475,000 outstanding of 3% notes due 2022 (ISINs: US21987BAQ14, USP3143NAP98) at $1,040.27 per $1,000 principal amount, with the price calculated using the 0.125% U.S. Treasury due Nov. 30, 2022 plus 33 bps; and

• $79,688,000 of the $465,871,000 outstanding of 4½% notes due 2023 (ISINs: US21987BAS79, USP3143NAR54) at $1,103.22 per $1,000 principal amount, with the price calculated using the 0.25% U.S. Treasury due Nov. 15, 2023 plus 42 bps.

The any-and-all purchase offer expired at 5 p.m. ET on Dec. 11. Notes could be withdrawn up to the expiration date. The pricing of the notes was determined at 2 p.m. on Dec. 11. Settlement is expected on or around Dec. 16.

As previously reported, the any-and-all offer was made alongside a capped offer for three note series due 2025 and 2027. The total amount of notes purchased in the capped offer will be the smaller of $700 million and the difference between the total outstanding and tendered principal amounts of the 2021, 2022 and 2023 notes in the any-and-all offer.

The early tender deadline for the capped offer is 5 p.m. ET on Dec. 18, with the final expiration at 11:59 p.m. ET on Jan. 5.

The offers are subject to a financing condition.

BofA Securities, Inc. (646 855-8998, 888 292-0070), J.P. Morgan Securities LLC (212 834–7279, 866 846–2874), Mizuho Securities USA LLC (212 205-7736, 861 271-7403) and Scotia Capital (USA) Inc. (833 498-1660) are acting as dealer managers for the offers.

D.F. King & Co., Inc. (800 399-1581, 212 269-5550, codelco@dfking.com, www.dfking.com/Codelco) is the tender agent and information agent.

Codelco is a Santiago, Chile-based copper mining company.

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