Corporación Nacional del Cobre de Chile Announces Final Results of Tender Offers for its 3.000% Notes Due 2022, 4.500% Notes Due 2023 and 4.500% Notes Due 2025

SANTIAGO, Chile, Aug. 22, 2017 /PRNewswire/ -- CORPORACIÓN NACIONAL DEL COBRE DE CHILE (the "Company" or "CODELCO") announced today the results as of 11:59 P.M., New York Time on August 21, 2017 (the "Expiration Date") of its previously announced offer to purchase for cash (the "Maximum Tender Offer") up to an Aggregate Maximum Principal Amount of its outstanding 3.000% Notes due 2022, 4.500% Notes due 2023 and 4.500% Notes due 2025 (collectively, the "Maximum Tender Offer Notes"), upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 25, 2017 and the related Letter of Transmittal (the "Offer to Purchase"). The "Aggregate Maximum Principal Amount" is U.S.$2,750,000,000, less the aggregate principal amount of notes purchased pursuant to CODELCO's previously announced offer to purchase any and all of its outstanding 7.500% Notes due 2019, 3.750% Notes due 2020 and 3.875% Notes due 2021 (the "Any and All Tender Offer").  A total principal amount of U.S.$1,413,144,000 of notes were validly tendered pursuant to the Any and All Tender Offer, all of which were purchased by CODELCO on August 1, 2017 and August 3, 2017.

CODELCO has been advised by the tender agent that, as of the Expiration Date, the amounts set forth in the table below of each series of Maximum Tender Offer Notes had been validly tendered and not validly withdrawn.  The amounts set forth in the table below include the Maximum Tender Offer Notes that were validly tendered as of 5:00 P.M., New York Time on August 7, 2017 (the "Early Tender Date") and previously accepted for purchase by the Company. CODELCO intends to accept for purchase all additional Maximum Tender Offer Notes validly tendered and not validly withdrawn after the Early Tender Date and at or prior to the Expiration Date.

As previously announced, the "MTO Total Consideration" payable per U.S.$1,000 principal amount of each series of Maximum Tender Offer Notes validly tendered and accepted for purchase as of the Early Tender Date was determined by the Dealer Managers based on a spread over a reference US Treasury Security, as set forth in the table below, in accordance with standard market practice as of 2:00 p.m., New York City time, on August 7, 2017. The "Late Tender Offer Consideration" payable by CODELCO per U.S.$1,000 principal amount of each series of Maximum Tender Offer Notes validly tendered after the Early Tender Date and at or prior to the Expiration Date will be equal to the MTO Total Consideration for such series, minus the Early Tender Payment for such series, as set forth in the table below.  

It is anticipated that payment for the additional Maximum Tender Offer Notes that were validly tendered and accepted for purchase after the Early Tender Date and as of the Expiration Date will be made on August 22, 2017, the first business day after the Expiration Date.

Additional Information

HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and MUFG Securities Americas Inc. are the Dealer Managers for the Maximum Tender Offer. Global Bondholder Services Corporation has been appointed as the tender agent and information agent for the Maximum Tender Offer.

Persons with questions regarding the Maximum Tender Offer should contact HSBC Securities (USA) Inc. at (212) 525-5552 (collect) or (888) 472-2456 (toll-free), J.P. Morgan Securities LLC at 1 (212) 834‑7279 (collect) or (866) 846‑2874 (toll-free), Merrill Lynch, Pierce, Fenner & Smith Incorporated at (646) 855‑8988 (collect) or (888) 292‑0070 (toll-free) and MUFG Securities Americas Inc. at (212) 405-7481 (collect) or (877) 744-4532 (toll-free).

This press release is not an offer to sell or a solicitation of an offer to buy any security. The Maximum Tender Offer is being made solely pursuant to the Offer to Purchase.

The Maximum Tender Offer does not constitute, and the Offer to Purchase may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.

This release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intend to identify forward-looking statements. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about these and other factors is set forth in the Offer to Purchase. 

SOURCE Corporación Nacional del Cobre de Chile