Freeport-McMoRan Completes Sale of $1.5 Billion of Senior Notes
July 27 2020 - 12:03PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has
completed the sale of $650 million aggregate principal amount of
its 4.375% Senior Notes due 2028 and $850 million aggregate
principal amount of its 4.625% Senior Notes due 2030. FCX intends
to use the net proceeds from the offering to fund its previously
announced cash tender offers for up to $1.5 billion aggregate
purchase price of its 3.55% Senior Notes due 2022, 3.875% Senior
Notes due 2023 and 4.55% Senior Notes due 2024, and the payment of
accrued and unpaid interest, premiums, fees and expenses in
connection therewith. Any net proceeds not used for the tender
offers will be used for general corporate purposes, which may
include repurchases or redemptions of FCX’s notes. These
transactions will enable FCX to extend the maturities of certain of
its outstanding indebtedness.
J.P. Morgan Securities LLC, BofA Securities, BNP Paribas
Securities Corp., Citigroup Global Markets Inc., HSBC Securities
(USA) Inc., Mizuho Securities USA LLC, SMBC Nikko Securities
America, Inc., BMO Capital Markets Corp., MUFG Securities Americas
Inc. and Scotia Capital (USA) Inc. were the joint book-running
managers for the offering, with J.P. Morgan Securities LLC serving
as the lead left book-running manager.
This press release is for informational purposes only and does
not constitute an offer to purchase securities or a solicitation of
an offer to sell any securities nor does it constitute an offer or
solicitation in any jurisdiction in which such offer or
solicitation is unlawful.
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 is one of the world’s largest
publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world’s largest copper and gold
deposits; and significant mining operations in North America and
South America, including the large-scale Morenci minerals district
in Arizona and the Cerro Verde operation in Peru.
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts, such as plans, projections or expectations
related to the tender offers and the senior notes offering,
including the use of proceeds therefrom. The words “anticipates,”
“may,” “can,” “plans,” “believes,” “estimates,” “expects,”
“projects,” "targets," “intends,” “likely,” “will,” “should,”
“could,” “to be,” “potential,” “assumptions,” “guidance,” future”
and any similar expressions are intended to identify those
assertions as forward-looking statements. FCX cautions readers that
forward-looking statements are not guarantees of future performance
and actual results may differ materially from those anticipated,
expected, projected or assumed in the forward-looking statements.
Important factors that can cause FCX's actual results to differ
materially from those anticipated in the forward-looking statements
include, but are not limited to, FCX’s ability to consummate the
tender offers; corporate developments that could preclude, impair
or delay the aforementioned transactions due to restrictions under
the federal securities laws; changes in the credit ratings of FCX;
changes in FCX’s cash requirements, financial position, financing
plans or investment plans; changes in general market, economic,
tax, regulatory or industry conditions; the duration and scope of
and uncertainties associated with the COVID-19 pandemic, and the
impact thereof on commodity prices, FCX's business and the global
economy and other factors described in more detail under the
heading “Risk Factors” in FCX's Annual Report on Form 10-K for the
year ended December 31, 2019 and Quarterly Report on Form 10-Q for
the quarter ended March 31, 2020, each filed with the SEC, as
updated by FCX's subsequent filings with the SEC.
Investors are cautioned that many of the assumptions upon which
FCX's forward-looking statements are based are likely to change
after the forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may not be able to
control. Further, FCX may make changes to its business plans that
could affect its results. FCX cautions investors that it does not
intend to update forward-looking statements more frequently than
quarterly notwithstanding any changes in its assumptions, changes
in business plans, actual experience or other changes, and FCX
undertakes no obligation to update any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200727005609/en/
Financial Contacts: Kathleen L. Quirk (602) 366-8016 David P.
Joint (504) 582-4203 Media Contact: Linda S. Hayes (602)
366-7824
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