Corporación Nacional del Cobre de Chile Announces Expiration of Tender Offers for Any and All of its 7.500% Notes Due 2019, 3.750% Notes Due 2020 and 3.875% Notes Due 2021

SANTIAGO, Chile, July 31, 2017 /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 7.500% Notes due 2019, 3.750% Notes due 2020 and 3.875% Notes due 2021 (collectively, the "Any and All 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 and Notice of Guaranteed Delivery (the "Offer to Purchase").

The Any and All Tender Offer expired at 5:00 P.M., New York City Time, on July 31, 2017 (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the amounts set forth in the table below of each series of Any and All Notes had been validly tendered and not validly withdrawn.  CODELCO intends to accept for purchase all Any and All Notes validly tendered and not validly withdrawn at or prior to the Expiration Date.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 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 July 31, 2017.  The Any and All Total Consideration payable by CODELCO per $1,000 principal amount of Any and All Notes accepted for purchase has been set at $1,084.51 for its 7.500% Notes due 2019, $1,058.71 for its 3.750% Notes due 2020 and $1,057.97 for its 3.875% Notes due 2021.

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 August 2, 2017.

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 August 1, 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 Any and All Tender Offer. Global Bondholder Services Corporation 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 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 Any and All Tender Offer is being made solely pursuant to the Offer to Purchase.

The Any and All 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