Davis Polk advised the initial purchasers in connection with the offering by Corporación Nacional del Cobre de Chile of $2.0 billion aggregrate principal amount of notes. The offering consisted of $1.0 billion aggregate principal amount of its 3.150% notes due 2030 and $1.0 billion aggregate principal amount of its 3.700% notes due 2050. The 3.700% notes due 2050 are a reopening of bonds issued on September 30, 2019. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.
CODELCO is Chile's state-owned copper mining company and is the world’s largest copper producer, controlling approximately 6% of the world's proved and probable copper reserves.
The Davis Polk corporate team included partner Nicholas A. Kronfeld, counsel Katia Brener and associate Arisa Akashi. The tax team included counsel Ethan R. Goldman and associate Eitan Ulmer. All members of the Davis Polk team are based in the New York office.