By Cady Vishniac
Detroit, Dec. 15 – Corporacion Nacional del Cobre de Chile (Codelco) priced $500 million of 3.173% bonds due 2051 (A3/A/A-) on Dec. 7 at a spread of Treasuries plus 148 basis points, according to a company release.
More than 230 orders for a total of over $4.5 billion of the bonds were received. The rate is the lowest of any bond issued by Codelco.
The bookrunners on the deal were BofA Securities, Inc., JP Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
Proceeds will go toward the company’s tender offer of approximately $1.1 billion for five notes due 2021 to 2027.
Codelco is a Santiago, Chile-based copper mining company.
| Issuer: | Corporacion Nacional del Cobre de Chile (Codelco)
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | 2051
|
| Bookrunners: | BofA Securities, Inc., JP Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 3.173%
|
| Spread: | Treasuries plus 148 bps
|
| Pricing date: | Dec. 7
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A-
|
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