Freeport-McMoRan Announces Redemption of 3.55% Senior Notes Due 2022
October 21 2021 - 7:45AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that a notice
has been issued to redeem on December 1, 2021, all of its
outstanding $524.0 million aggregate principal amount of 3.55%
Senior Notes due 2022 (3.55% Notes), at a redemption price equal to
100% of the principal amount of the 3.55% Notes outstanding, plus
accrued and unpaid interest to, but not including, the redemption
date. On October 21, 2021, U.S. Bank National Association, as
trustee for the 3.55% Notes, distributed to the registered note
holders written notice of the terms of this redemption.
FCX will use cash to fund the redemption. At September 30, 2021,
FCX had $9.7 billion in consolidated debt and consolidated cash and
cash equivalents of $7.7 billion. Annual interest costs associated
with the 3.55% Notes approximate $19 million.
FREEPORT: Foremost in Copper
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.
By supplying responsibly produced copper, FCX is proud to be a
positive contributor to the world well beyond its operational
boundaries. Additional information about FCX is available on FCX's
website at fcx.com.
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 and expectations
related to the redemption. 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
redemption; changes in FCX’s cash requirements, financial position,
financing plans or investment plans; changes in general market,
economic, tax, regulatory or industry conditions 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, 2020,
filed with the U.S. Securities and Exchange Commission (SEC).
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after the date 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
undertakes no obligation to update forward-looking statements,
which speak only as of the date made, notwithstanding any changes
in its assumptions, changes in business plans, actual experience or
other changes.
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version on businesswire.com: https://www.businesswire.com/news/home/20211021005537/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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