Freeport-McMoRan Announces Redemption of 3.100% Senior Notes due 2020
February 25 2019 - 4:10PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that notice
has been issued to redeem on March 27, 2019, all of its outstanding
$1 billion aggregate principal amount of 3.100% Senior Notes due
2020 (Notes), at a make-whole redemption price to be calculated in
accordance with the terms of the indenture governing the Notes,
plus accrued and unpaid interest on the Notes to be redeemed from
the last interest payment date of March 15, 2019, to, but not
including, the redemption date. On February 25, 2019, U.S. Bank
National Association, as trustee for the Notes, distributed to the
registered note holders written notice of the terms of this
redemption.
FCX will use cash to fund the redemption. At December 31, 2018,
FCX had $11.1 billion in total debt and consolidated cash of $4.2
billion. FCX expects to record a loss to net income of
approximately $3.4 million in the first quarter of 2019 in
connection with the redemption. Annual interest costs associated
with the Notes approximate $31 million.
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: https://www.businesswire.com/news/home/20190225005932/en/
Freeport-McMoRan Inc.Financial Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint, 504-582-4203orMedia Contact:Linda S.
Hayes, 602-366-7824
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