Freeport-McMoRan Announces Senior Notes Offering
13 July 2020 - 9:36PM
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 its
concurrent cash tender offers for up to $800 million aggregate
purchase price of its 3.55% Senior Notes due 2022, 3.875% Senior
Notes due 2023 and 4.55% Senior Notes due 2024, and the payment of
accrued and unpaid interest, premiums, fees and expenses in
connection therewith. Any net proceeds not used for the tender
offers will be used for general corporate purposes, which may
include repurchases or redemptions of FCX’s notes.
J.P. Morgan Securities LLC, BofA Securities, BNP Paribas
Securities Corp., Citigroup Global Markets Inc., HSBC Securities
(USA) Inc., Mizuho Securities USA LLC, SMBC Nikko Securities
America, Inc., BMO Capital Markets Corp., MUFG Securities Americas
Inc. and Scotia Capital (USA) Inc. are the joint book-running
managers for the offering, with J.P. Morgan Securities LLC serving
as the lead left 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 facts, such as plans, projections or 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,” “could,” “to be,”
“assumptions,” “guidance,” “future,” “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
proposed 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; the duration and scope of
and uncertainties associated with the COVID-19 pandemic, and the
impact thereof on commodity prices, FCX's business and the global
economy 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, 2019, and Quarterly Report on Form 10-Q for
the quarter ended March 31, 2020, each filed with the SEC, as
updated by FCX's subsequent filings 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/20200713005326/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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