Davis Polk advised the initial purchasers in connection with the offering by Corporación Nacional del Cobre de Chile of $1.5 billion aggregate principal amount of its 3.625% notes due 2027 and $1.25 billion aggregate principal amount of its 4.500% notes due 2047. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

Davis Polk is also advising the dealer managers in connection with a concurrent tender offer by CODELCO of any and all of its 7.500% notes due 2019, 3.750% notes due 2020 and 3.875% notes due 2021 (the “Any and All Notes”) and a waterfall cash tender offer for $2.75 billion (less the aggregate total consideration for the Any and All Notes) aggregate principal amount of its 3.000% notes due 2022, 4.500% notes due 2023 and 4.500% notes due 2025, which are being financed with the proceeds from the offering.

CODELCO is Chile’s state-owned copper mining company and is the world’s largest copper producer, controlling approximately 7% of the world’s proved and probable copper reserves.

The Davis Polk corporate team included partner Nicholas A. Kronfeld, counsel Katia Brener and associate Rahim Manji. The tax team included partner Michael Mollerus and associate Isaac MacDonald. All members of the Davis Polk team are based in the New York office.

Copy link to share post