By Cristal Cody
Chicago, Oct. 20 – Corporacion Nacional del Cobre de Chile (Codelco) sold a $780 million tap (A3) of its 3.7% notes due Jan. 30, 2050 in the Tuesday market, according to a market source.
The reopening yield was 3.831%, a company press release detailed.
The notes priced with a spread over Treasuries of 175 basis points, 30 bps low to talk in the 205 bps area.
Demand was marked at around 3.5-times deal size with 130 accounts participating.
BofA Securities, BNP Paribas, JPMorgan and Santander led the sale.
The company was working to fund a tender offer for three series of notes. The tender offer was contingent on the sale of the notes.
Codelco is a Santiago, Chile-based copper mining company.
| Issuer: | Corporacion Nacional del Cobre de Chile (Codelco)
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| Issue: | Bonds
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| Amount: | $780 million, add-on
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| Maturity: | Jan. 30, 2050
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| Bookrunners: | BofA Securities, BNP Paribas, JPMorgan and Santander
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| Coupon: | 3.7%
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| Yield: | 3.831%
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| Spread: | Treasuries plus 175 bps
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| Trade date: | Oct. 19
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| Rating: | Moody’s: A3
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| Price talk: | Treasuries plus 205 bps area
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