Chilean copper mining company Antofagasta sold $750 million worth of 10-year bonds in the international market on Monday, a source involved in the deal told LatinFinance.
The company priced the 6.25% 2034 notes at 99.414 to yield 6.33%, equal to a spread of 170 basis points over US Treasury bonds, after opening the deal earlier in the day at around 200 basis points, the source said.
Citi and JPMorgan were the global coordinators, along with Bank of America, Crédit Agricole, Natixis and Scotiabank as joint bookrunners on the Rule 144A/Reg S offering, the source added.
Fitch and S&P said they rate the notes BBB+ and BBB respectively.
“The new issuance is part of the company’s financial strategy to fund the sizable investment plan that is currently developing,” Fitch said in a report.
Antofagasta’s investment plan includes the second phase of the Los Pelambres copper mine as well as a second concentrator plant at its Centinela operation, the report said.
The London-listed firm, which is part of Chile’s Grupo Quiñenco conglomerate, last issued bonds internationally in May 2022 when it printed $500 million worth of 5.625% 10-year notes in a deal that was 2.6 times oversubscribed.