Freeport-McMoRan Announces Senior Notes Offering
August 01 2019 - 7:59AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it
intends to offer, subject to market and other conditions, senior
notes in two tranches in an underwritten registered public
offering. FCX intends to use the net proceeds from the offering
and, if necessary, cash on hand or available liquidity to fund the
redemption of all of its outstanding 6.875% Senior Notes due 2023
and its concurrent cash tender offers for up to $430.0 million
aggregate purchase price of its 4.00% Senior Notes due 2021, 3.55%
Senior Notes due 2022 and 3.875% Senior Notes due 2023 and the
payment of accrued and unpaid interest, premiums, fees and expenses
in connection therewith.
J.P. Morgan Securities LLC, BofA Merrill Lynch, BMO Capital
Markets Corp., BNP Paribas Securities Corp., Citigroup Global
Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA
LLC, MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and
SMBC Nikko Securities America, Inc. are the joint book-running
managers for the offering, with J.P. Morgan Securities LLC serving
as the lead book-running manager. Copies of the preliminary
prospectus supplement may be obtained by calling J.P. Morgan
Securities LLC collect at (866)-803-9204 or writing to J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717. An electronic copy of the
preliminary prospectus supplement, together with the accompanying
prospectus, is also available on the United States Securities and
Exchange Commission (SEC) website, www.sec.gov.
The offering is being made pursuant to an effective shelf
registration statement filed with the SEC. This press release shall
not constitute an offer to sell nor an offer to buy any securities
and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The offering may be made only by means of a prospectus
supplement and the accompanying prospectus.
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 fact, such as plans, projections and expectations
related to the proposed offering, including the use of proceeds
therefrom. The words “anticipates,” “may,” “can,” “plans,”
“believes,” “estimates,” “expects,” “projects,” "targets,"
“intends,” “likely,” “will,” “should,” “to be,” ”potential" 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
offering, corporate developments that could preclude, impair or
delay the proposed offering 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 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, 2018, filed 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/20190801005537/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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