Chicago, Jan. 23 – Corporacion Nacional del Cobre de Chile's (Codelco) priced a $2 billion offering of bonds in two parts (Baa1/BBB+) on Tuesday, according to a press release.
The deal included a new $1.5 billion 12-year bond and a $500 million tap of the company’s last 30-year bond.
The new bond priced with a yield of 6.447%, or at Treasuries plus 230 basis points.
The tap priced with a 6.746% yield, or at Treasuries plus 235 bps.
The order book was over $7.5 billion from 310 accounts.
The company said that the Codelco deposits operation requires investments of around $40 billion over the next 10 years.
Bank of America, Citi, JP Morgan and Santander led the sale.
Proceeds will be used for general corporate purposes, according to Moody’s Investors Service.
Codelco is a Santiago, Chile-based copper mining company.
| Issuer: | Corporacion Nacional del Cobre de Chile
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| Amount: | $2 billion
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| Issue: | Bonds
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| Bookrunners: | Bank of America, Citi, JP Morgan and Santander
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| Trade date: | Jan. 23
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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|
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| New bonds
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| Amount: | $1.5 billion
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| Tenor: | 12 years
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| Yield: | 6.447%
|
| Spread: | Treasuries plus 230 bps
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|
|
| Tap issues
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| Amount: | $500 million
|
| Tenor: | 30 years
|
| Yield: | 6.746%
|
| Spread: | Treasuries plus 235 bps
|
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