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Chile’s Codelco offers to purchase all notes from three series
Chicago, Oct. 12 – Corporacion Nacional del Cobre de Chile (Codelco) commenced a tender offer to purchase any and all of the notes from three series, according to an announcement.
The company is offering to buy the:
• $386,183,000 outstanding 4½% notes due 2023 (Cusips: 21987BAS7, P3143NAR5) with pricing based on the ¼% U.S. Treasury due Sept. 30, 2023 plus 19 basis points for a hypothetical consideration of $1,071.73 per $1,000 note;
• €600 million outstanding 2¼% notes due 2024 (ISINs: XS1084942470, XS1084943106) with pricing based on the July 2024 interpolated mid-swap rate minus 11 bps for a hypothetical tender consideration of €1,073.25 per €1,000 note; and the
• $671,102,000 outstanding 4½% notes due 2025 (Cusips: 21987BAV0, P3143NAW4) with pricing based on the 7/8% U.S. Treasury due Sept. 30, 2026 plus 47 bps for a hypothetical tender consideration of $1,112.55 per $1,000 note.
The tender offers will expire at 8 a.m. ET on Oct. 19, also the withdrawal deadline.
Notes tendered via guaranteed delivery procedures will be due by 5 p.m. ET on the second business day after the expiration date.
Settlement is planned for Oct. 22.
The offers are subject to the satisfaction of a financing condition.
BNP Paribas Securities Corp. (888 210-4358, 212 841-3059), BofA Securities, Inc. (888 292-0070, 646 855-8998), J.P. Morgan Securities LLC (866 846-2874, 212 834-7279) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are the dealer managers.
D.F. King & Co., Inc is the tender agent for the offer (800 549-6746, 212 269-5550, codelco@dfking.com, www.dfking.com/codelco).
Codelco is a Santiago, Chile-based copper mining company.
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