S&C Advises Chile’s Antofagasta on Inaugural Bond Offering

October 29, 2020

Antofagasta plc, the parent company of a Chile-based copper mining group with significant production and interests in transportation, completed its inaugural $500 million offering of 2.375% senior unsecured notes due 2030. The offering was 12 times oversubscribed, despite the ongoing COVID-19 pandemic.
The bond issuance will diversify Antofagasta's sources of funding and introduce long-term financing into its capital structure. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as global coordinators for the initial purchasers of the notes. The notes are listed on the Main Market of the London Stock Exchange.
S&C has advised Antofagasta and its project companies in connection with several financings, including, recently, a $500 million unsecured loan facility; the financing for Minera Los Pelambres's expansion and related desalination plant, which received a Green Evaluation from S&P Global Ratings, making Minera Los Pelambres the first mining company in the world to receive this evaluation from S&P; and matters for Minera Centinela and Minera Antucoya, among others.
The S&C team included John Estes and Sergio Galvis, with Benjamin Kent and Virginia Cueva providing assistance throughout the transaction. Vanessa Blackmore advised on UK law matters; Andrew Thomson advised on UK tax matters; and Jeffrey Hochberg and Saul Brander advised on U.S. tax matters.