Codelco concludes buyback

Codelco concludes buyback

Corporate & Sovereign Strategy Bonds Debt Fixed Income Chile

Chile's Codelco said it has agreed to repurchase $745m in bonds due in 2020, 2021 and 2022. The state-owned copper miner accepted $183m in 3.75% 2020 notes along with $248m in 3.875% 2021s and $314m in 3% 2022s. Before the buyback, Codelco had $585m in outstanding 2020s, $485m in 2021s and $837m in 2022s. For every $1,000 in principal, Codelco offered to pay $1,017 for the 2020 notes and $1,021 for the 2021s but just $990 for the 2022s. Codelco said it will make the payments on February 6. Citi,

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