Adam Brenneman

Cleary represents Codelco in $2bn offering

Cleary Gottlieb has represented Chile’s Corporación Nacional del Cobre (Codelco) in its $2bn debt offering under Rule 144A/Reg S, comprising the reopening of $500m of 6.300% notes due 2053 and the new issue of $1.5bn of 6.440% notes due 2036.

The offering was priced on 23 January and closed on 26 January. The notes are expected to be listed on the Luxembourg Stock Exchange and traded on the exchange’s Euro MTF market.

Other firms involved in the transaction were Carey, as local counsel to Codelco; and Garrigues and Shearman & Sterling, as local and international counsel, respectively, to the underwriters.

BofA Securities, Citigroup Global Markets, J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as initial purchasers.

Codelco is a Chilean state-owned company and the world’s largest copper producer. As informed by the company, this transaction responds to the need of financing its longterm investments plan, and the sale has been qualified as successful, since more than 357 orders, from 310 investors, were received, with an oversubscription of 3.75 times.

María Gabriela Campos and Nicola Possekel acted as in-house counsels for Codelco.

Cleary’s corporate team included partner Adam Brenneman (pictured), associate Sofia Falzoni, and international lawyer Lucía De Miceu. Partner Matt Brigham, associate Eugene Wei-En Woo, and law clerk Mingyu Tang advised on U.S. tax matters. All lawyers are based in New York.

Carey’s team was led by partners Diego Peralta and Fernando Noriega, assisted by associate Diego Lasagna.

Shearman & Sterling’s team comprised partner Alejandro Gordano, associate Gonzalo Robles, and visiting attorney Eduardo Mendoza.

Garrigues’ team was represented by partner Pedro García.

L Giselle Estrada