Corporación Nacional del Cobre de Chile Announces the Expiration of Tender Offers for Any and All of its 3.875% Notes Due 2021, 3.000% Notes Due 2022 and 4.500% Notes Due 2023

SANTIAGO, Chile, Dec. 14, 2020 /PRNewswire/ -- CORPORACIÓN NACIONAL DEL COBRE DE CHILE (the "Company" or "CODELCO") announced today the expiration of its offer to purchase for cash (the "Any and All Tender Offer") any and all of its outstanding 3.875% Notes due 2021, 3.000% Notes due 2022 and 4.500% Notes due 2023 (collectively, the "Any and All Notes") upon the terms and subject to the conditions set forth in the Offer to Purchase dated December 7, 2020 (as it may be amended or supplemented from time to time, the "Offer to Purchase") and the accompanying Notice of Guaranteed Delivery dated December 7, 2020 (as it may be amended or supplemented from time to time, the "Notice of Guaranteed Delivery" and, together with the Offer to Purchase, the "Offer Documents").

The Any and All Tender Offer expired at 5:00 P.M., New York City Time, on December 11, 2020 (the "Expiration Date"). 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the amounts set forth in the table below of each series of Any and All Notes had been validly tendered and not validly withdrawn.  CODELCO intends to accept for purchase all Any and All Notes validly tendered and not validly withdrawn at or prior to the Expiration Date.

The "Any and All Total Consideration" payable per U.S.$1,000 principal amount of each series of Any and All Notes validly tendered and accepted for purchase was determined by the Dealer Managers (as defined herein) based on a spread over a reference U.S. 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 December 11, 2020 (unless such time is extended).  The Any and All Total Consideration payable by CODELCO per U.S.$1,000 principal amount of Any and All Notes accepted for purchase has been set at U.S.$1,029.53 for its 3.875% Notes due 2021, U.S.$1,040.27 for its 3.000% Notes Due 2022 and U.S.$1,103.22 for its 4.500% Notes Due 2023.

The principal amounts accepted for purchase, as shown in the table above, do not include any aggregate principal amounts of Any and All Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase, for which delivery of Any and All Notes must be made by 5:00 p.m., New York City time, on December 15, 2020.

It is anticipated that payment for the Any and All Notes that were validly tendered and accepted for purchase as of the Expiration Date will be made on December 16, 2020, the third business day after the Expiration Date.

Additional Information

BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc. are acting as Dealer Managers (the "Dealer Managers") for the Any and All Tender Offer. D.F. King & Co., Inc. has been appointed as the tender agent and information agent for the Any and All Tender Offer.

Persons with questions regarding the Any and All Tender Offer should contact BofA Securities, Inc. at (646) 855-8998 (collect) or (888) 292-0070 (toll-free), J.P. Morgan Securities LLC at (212) 834–7279 (collect) or (866) 846–2874 (toll-free), Mizuho Securities USA LLC at (212) 205-7736 (collect) or (861) 271-7403 (toll-free) and Scotia Capital (USA) Inc. at (212) 225-6643 (collect) or (833) 498-1660 (toll-free).

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

The Any and All Tender Offer does not constitute, and the Offer Documents 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.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business, financial results, liquidity and capital resources, contingencies and other non-historical statements. You can identify these forward-looking statements by the use of words such as "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. 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