Chile's Codelco raised $2-billion in a bond offering in New York on Tuesday, as the world's top copper producer seeks to fund an investment drive to revive flagging output. The company offered 10-year and 30-year notes. The 10-year was for $1.3-billion with a yield of 5.966%, or 210 basis points over the comparable US Treasury rate. The 30-year, meanwhile, was for $700-million with a yield of 6.331%, or a spread of 195 basis points.
SANTIAGO - Chile's Codelco raised $2-billion in a bond offering in New York on Tuesday, as the world's top copper producer seeks to fund an investment drive to revive flagging output.
The 30-year, meanwhile, was for $700-million with a yield of 6.331%, or a spread of 195 basis points. "This financing seeks to ensure the availability of resources for the development of a demanding portfolio of investments that for this year will need a total of $4.1-billion," Codelco said in a statement.
Late last month, rating agency Moody's said it was reviewing a possible ratings downgrade for Codelco amid weakened production, rising costs and growing financial pressure. It said the firm would need to lift its investments to about $4-billion from $3.3-billion to boost its "structural projects."
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