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Codelco completes US$2.36B debt buyback

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Codelco completes US$2.36B debt buyback

Chilean state miner Codelco said Aug. 10 that it completed the buyback of US$2.36 billion of debt maturing between 2019 and 2025.

The company announced plans in late July for a US$2.75 billion debt issue, with proceeds to be used for refinancing.

Alejandro Rivera, Codelco's vice president for finance and administration, said the repurchase allowed the company to capitalize on cheap borrowing costs.