Chicago, Jan. 13 – Corporacion Nacional del Cobre de Chile, or Codelco, priced $1 billion in a 10-year note and $1 billion in a reopened 30-year bond (A3/A+/A-), according to a company release.
The yield on the 10-year note was 3.175%, representing a spread of Treasuries plus 135 basis points.
And, the yield on the 30-year bond was 3.958%, or a spread of Treasuries plus 165 bps.
Books were oversubscribed by 2.8 times, based on 300 orders received.
Bookrunners for the issue were HSBC Securities (USA) Inc., JP Morgan Securities LLC, BofA Securities, Inc. and Scotia Capital (USA) Inc.
Proceeds from the bonds will be used to finance structural projects, refinance debt and maintain a solid cash position.
Codelco is a Santiago, Chile-based copper mining company.
| Issuer: | Corporacion Nacional del Cobre de Chile (Codelco)
|
| Amount: | $2 billion
|
| Description: | 10-year note and reopened 30-year note
|
| Bookrunners: | HSBC Securities (USA) Inc., JP Morgan Securities LLC, BofA Securities Inc. and Scotia Capital (USA) Inc.
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody’s: A3
|
| S&P: A+
|
| Fitch: A-
|
|
|
| 10-year bond
|
| Amount: | $1 billion
|
| Maturity: | 2030
|
| Yield: | 3.175%
|
| Spread: | Treasuries plus 135 bps
|
|
|
| 30-year bond
|
| Amount: | $1 billion add-on
|
| Maturity: | 2050
|
| Yield: | 3.958%
|
| Spread: | Treasuries plus 165 bps
|
| Original issue date: | September 2019
|
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