By Fabian Cambero SANTIAGO (Reuters) -Chile's Codelco raised $2 billion in a bond offering in New York on Tuesday, as the world's top copper producer seeks ...
Memorial ride honours veterans and support PTSD sufferers | SaltWireSANTIAGO -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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