Chile’s Codelco accepts $134.48 million of tendered 2022, 2023 notes

By Marisa Wong

Los Angeles, Oct. 21 – Corporacion Nacional del Cobre de Chile, or Codelco, announced the final results of the capped tender offer for its $523,267,000 outstanding 3% notes due 2022 and $358,554,000 outstanding 4½% notes due 2023.

Codelco said it accepted for purchase a total of $110,792,000 of 2022 notes and $23,683,000 of 2023 notes tendered under the offer that expired at 11:59 p.m. ET on Oct. 18.

Codelco had accepted for purchase all $106,972,000 of 2022 notes and $23,128,000 of 2023 notes tendered as of 5 p.m. ET on Oct. 4, the early tender date of the capped offer, as previously announced.

As announced on Sept. 23, the maximum tender offer amount is $639,146,000 less the aggregate principal amount of notes tendered under Codelco’s offer for any and all of its $402,186,000 outstanding 3¾% notes due 2020 and its $236.96 million outstanding 3 7/8% notes due 2021.

A total of $17,283,000 of notes had been tendered under the any-and-all offer and was accepted purchased on Oct. 2, as reported.

The total consideration for the 2022 notes is $1,023.38 per $1,000 principal amount, calculated based on the 1½% U.S. Treasury note due Aug. 15, 2022 plus 75 basis points. The total consideration for the 2023 notes is $1,082.72 per $1,000 principal amount, based on the 1¼% U.S. Treasury note due Aug. 31, 2024 plus 90 bps. Pricing was determined at 2 p.m. ET on Oct. 4.

Final settlement will take place on Oct. 22.

The tender offers are contingent on receipt of funds from a proposed issuance of securities.

BofA Securities, Inc. (646 855-8998 or 888 292-0070), HSBC Securities (USA) Inc. (212 525-5552 or 888 472-2456), J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) and Scotia Capital (USA) Inc. (212 225-5559 or 800 372-3930) are the dealer managers.

D.F. King & Co., Inc. is the information agent (800 761-6521, 212 269-5550 or codelco@dfking.com, www.dfking.com/Codelco).

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

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