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Chiles Codelco announces results of tender for three series
By Wendy Van Sickle
Columbus, Ohio, Oct. 20 Corporacion Nacional del Cobre de Chile (Codelco) announced the results of its tender offers to purchase any and all of the notes from three series, according to an announcement on Tuesday.
The offer expired at 5 p.m. ET on Oct. 19 after having been extended from 8 a.m. ET on Oct. 19.
As of the expiry, the following tenders were received and accepted by Codelco, not including tenders received via guaranteed delivery services.
$157,965,000 of the $386,183,000 outstanding 4½% notes due 2023 (Cusips: 21987BAS7, P3143NAR5) with pricing based on the Ό% U.S. Treasury due Sept. 30, 2023 plus 19 basis points for a total consideration of $1,069.98 per $1,000 note;
200,116,000 of the 600 million outstanding 2Ό% notes due 2024 (ISINs: XS1084942470, XS1084943106) with pricing based on the July 2024 interpolated mid-swap rate minus 11 bps for a total tender consideration of 1,072.11 per 1,000 note; and
$273,867,000 of 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 total tender consideration of $1,108.21 per $1,000 note.
Settlement is planned to occur promptly. The total cash payment to be made will be about $726 million.
Tenders submitted under guaranteed delivery procedures must be delivered by 5 p.m. ET on Oct. 21.
The tender offers were announced on Oct. 12.
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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