Freeport-McMoRan Announces Redemption of Two Series of Senior Notes
06 March 2018 - 2:59AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that notices
have been issued to redeem on April 4, 2018, $454 million aggregate
principal amount of Freeport-McMoRan Inc. (FCX) and
Freeport-McMoRan Oil & Gas LLC (FMOG) senior notes. 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
AmountOutstanding(in millions)
RedemptionPrice*
Redemption Cost*(in
millions)
FCX 6.750% due 2022 $403.7 $103.375 $417.3 FMOG 6.875% due 2023
$50.4 $103.438
$52.1
Total
$454.1 $469.4
* Excludes accrued and unpaid interest
The aggregate cash interest cost savings would approximate $30
million per annum. FCX expects to record a gain to net income of
approximately $10 million in the second quarter of 2018 in
connection with the redemptions. On March 5, 2018, 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 December 31, 2017, FCX had $13.1 billion in total debt and
consolidated cash of $4.4 billion. Following these note redemptions
and the March 15, 2018, repayment at maturity of FCX’s 2.375%
Senior Notes, FCX’s total debt would approximate $11.2 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/20180305005828/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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