Freeport-McMoRan Copper & Gold Issuing 3-Pt Deal In US Market -Source

Date : 02/08/2012 @ 10:01AM
Source : Dow Jones News
Stock : Freeport-Mcmoran, Inc. (FCX)
Quote : 15.06  0.0 (0.00%) @ 4:18AM

Freeport-McMoRan Copper & Gold Issuing 3-Pt Deal In US Market -Source

Freeport-McMoRan Inc. (NYSE:FCX)
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Freeport-McMoRan Copper & Gold Inc. (FCX) plans to issue a benchmark-size, multi-tranche issue to the U.S. credit markets Wednesday, according to a person familiar with the deal.

The deal is to feature three-, five-, and 10-year bonds. Benchmark typically indicates at least $500 million per tranche.

It is expected to be rated Baa3 by Moody's Investors Service and BBB by Standard & Poor's and Fitch Ratings. It is registered with the Securities and Exchange Commission.

The Phoenix mining company is using the proceeds to redeem a portion of outstanding 8.375% senior notes due 2017.

The bonds feature a change of control provision allowing investors to redeem the bonds at 101 cents on the dollar should the company be acquired. The provision safeguards investors from a leveraged buy-out. An investor may also redeem the bonds if they are downgraded below investment-grade.

Bank of America Merrill Lynch and J.P. Morgan are leading the sale.

-By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

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