Norton Rose Fulbright advises Banco Santander, S.A. in US$500 million loan for CODELCO

Global law firm Norton Rose Fulbright represented Banco Santander, S.A. in relation to a US$500 million loan extended by Banco Santander, S.A., Commerzbank and ING Bank to Corporación Nacional del Cobre de Chile (CODELCO). The facility is guaranteed by SACE, the Italian insurance and finance group controlled by the Italian Ministry of Economy and Finance, as part of its Push Strategy program.

As SACE’s first Push Strategy operation in Chile, the financing aims to develop strategic partnerships in the South American mining sector and increase Italian exports in Chile.

The Push Strategy program guarantees loans to international counterparts who commit to increasing their purchase of goods and services from Italy. As part of the agreement, CODELCO will participate in business meetings with Italian companies facilitated by SACE.

Norton Rose Fulbright’s deal team was led by José Cobeña (São Paulo) and included Arturo Sferruzza and Giulio Mariano (Milan) with assistance from paralegal Juliana Liano Souza (São Paulo).