Carey and Cleary act on $1.5bn debt offering by Codelco
Carey and Cleary Gottlieb acted as counsels to Corporación Nacional del Cobre de Chile (Codelco) on its $1.5bn debt offering under Rule 144A/Reg S, comprising the new issue of $750m 6.33% notes due 2035 and $750m 6.78% notes due 2055.
The offering was priced on 8 January and settled on 13 January. The notes are expected to be listed on the Luxembourg Stock Exchange and traded on the exchange’s Euro MTF market.
This transaction involved BofA Securities, Citigroup Global Markets, J.P. Morgan Securities and Santander US Capital Markets, as representatives of the initial purchasers.
The deal involved the Chilean and US jurisdictions. Garrigues and A&O Shearman acted as local and international counsel to the initial purchasers, respectively. In addition, the initial purchasers acted as financial advisors to the transaction, while PwC acted as auditor.
With this issuance, Codelco secures financing for its long-term strategic projects, key to Chilean mining, ensuring its viability and sustainability in the future.
Codelco is a Chilean state-owned company and the world’s largest copper producer.
The in-house advisors involved in this transaction were Constanza Anguita Roll for Codelco; Nancy Kennan and Ria Dutta for BofA Securities; Katrina Youssef for Citigroup; Jose Luis Foglia for J.P. Morgan; and Mercedes Pacheco and Bonnie Macfarlane for Santander.
Carey’s team was led by partners Diego Peralta (pictured left) and Fernando Noriega (pictured centre), with support from associates Diego Lasagna and Magdalena Menchaca.
Cleary’s corporate team included partner Adam Brenneman (pictured right), associate Arlene Lopez and international counsel Armando Ramos Castro. Partner Matt Brigham advised on US tax matters. All lawyers are based in New York.
A&O Shearman’s team consisted of partner Alejandro Gordano, associate Gonzalo Robles, and visiting attorneys Moisés González and Giulia Maia Bonadio.
Garrigues’ team comprised partner Pedro García, senior associate María Fernanda Jara, and junior associate Makarena Faúndez.
