Freeport-McMoRan Announces Redemption of Five Series of Senior Notes
August 18 2017 - 9:06AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that notices
have been issued to redeem on September 18, 2017, $543 million
aggregate principal amount of two series of Freeport-McMoRan Inc.
(FCX) senior notes and three series of Freeport-McMoRan Oil &
Gas LLC (FMOG) senior notes currently outstanding. In accordance
with the terms of respective indentures governing the notes, the
notes will be redeemed at the redemption prices set forth in the
table below, together with accrued and unpaid interest on the notes
redeemed to, but not including, the redemption date.
Senior Notes
Principal Amount
Outstanding(in millions)
RedemptionPrice*
Redemption Cost*(in
millions)
FCX 6.125% due 2019 $179 $101.531 $182 FMOG 6.125% due 2019 $58
$101.531 $59 FCX 6.625% due 2021 $228 $102.458 $234 FMOG 6.625% due
2021 $33 $102.208 $34 FMOG 6.75% due 2022 $45
$103.375 $46
Total
$543
$555
* Excludes accrued and unpaid interest
The aggregate cash interest cost savings would approximate $35
million per annum. FCX expects to record a gain to net income of
approximately $11 million in the third quarter of 2017 in
connection with the redemptions. On August 18, 2017, U.S. Bank
National Association, as trustee for the FCX senior notes, and
Wells Fargo Bank, N.A., as trustee for the FMOG senior notes,
distributed to the registered note holders written notice of the
terms of these redemptions.
At June 30, 2017, FCX had $15.4 billion in total debt and
consolidated cash of $4.7 billion. Following these note
redemptions, FCX’s total debt would approximate $14.8 billion.
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 the world’s largest publicly
traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world’s largest copper and gold
deposits; significant mining operations in the Americas, including
the large-scale Morenci minerals district in North America and the
Cerro Verde operation in South America. Additional information
about FCX is available on FCX’s website at “fcx.com.”
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version on businesswire.com: http://www.businesswire.com/news/home/20170818005278/en/
Freeport-McMoRan Inc.Financial Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint, 504-582-4203orMedia Contact:Eric E.
Kinneberg, 602-366-7994
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