Freeport-McMoRan Copper & Gold Inc. Completes Sale of $3.0 Billion of Senior Notes
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that it
has completed the sale of $3.0 billion of senior notes. The offering
generated net proceeds of approximately $2.97 billion, which FCX expects
to use plus cash on hand to redeem its outstanding 8.375% Senior Notes
due 2017. Annual interest cost savings associated with the refinancing
will total approximately $160 million.
Following is a summary of the three new tranches of debt, which will
have an aggregate weighted interest cost of approximately 3.0%:
Description | ? | ? | Amount | ? | ? | Maturity |
1.40% Senior Notes (1) | ? | ? | $0.5 Billion | ? | ? | Due February 13, 2015 |
2.15% Senior Notes (2) | ? | ? | $0.5 Billion | ? | ? | Due March 1, 2017 |
3.55% Senior Notes (3) | ? | ? | $2.0 Billion | ? | ? | Due March 1, 2022 |
? | ||||||
(1) Priced at 99.857% to yield 1.449% | ||||||
(2) Priced at 99.880% to yield 2.175% | ||||||
(3) Priced at 99.747% to yield 3.580% | ||||||
? | ||||||
The joint book-running managers for the offering are J.P. Morgan
Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
FCX is a leading international mining company with headquarters in
Phoenix, Arizona. FCX operates large, long-lived, geographically diverse
assets with significant proven and probable reserves of copper, gold and
molybdenum. FCX has a dynamic portfolio of operating, expansion and
growth projects in the copper industry and is the world′s largest
producer of molybdenum.
The company′s portfolio of assets includes the Grasberg minerals
district in Indonesia, the world′s largest copper and gold mine in terms
of recoverable reserves; significant mining operations in the Americas,
including the large scale Morenci minerals district in North America and
the Cerro Verde and El Abra operations in South America; and the Tenke
Fungurume minerals district in the Democratic Republic of Congo.
Additional information about FCX is available on FCX's website at 'www.fcx.com.?
Freeport-McMoRan Copper & Gold Inc.
Financial
Contacts:
Kathleen L. Quirk, 602-366-8016
or
David
P. Joint, 504-582-4203
or
Media Contact:
Eric
E. Kinneberg, 602-366-7994
