Chile’s National Copper Corporation (Codelco) repurchased US$ 2.355 billion in bonds maturing between 2019 and 2025, after a tender held on July 25 in New York.
Codelco’s repurchase will allow it to reduce its debt maturity profile for the next few years and transfer its payment to 10 and 30 years to coincide with the time when the structural projects will be in full production.
Bonds with 10 and 30 years maturity were issued at rates of 3.625% and 4.5%, respectively.
In a statement, Codelco said that this operation would allow it to soften its financial burden for the following years, which will facilitate the investment in the construction of Chuquicamata Subterr?nea, Nuevo Nivel Mina El Teniente, Traspaso Andina and other important projects.
The material has been provided by InstaForex Company – www.instaforex.com