PHOENIX, AZ, November 14, 2014 – Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed the sale of $3.0 billion of senior notes. FCX intends to use the net proceeds from this offering to repay certain of its outstanding debt.
Following is a summary of the four new tranches of debt, which will have an aggregate weighted interest cost of approximately 4.1%:
Description Amount Maturity
2.30% Senior Notes (1) $750 Million Due November 14, 2017
4.00% Senior Notes (2) $600 Million Due November 14, 2021
4.55% Senior Notes (3) $850 Million Due November 14, 2024
5.40% Senior Notes (4) $800 Million Due November 14, 2034
(1) Priced at 99.934% to yield 2.323%
(2) Priced at 99.619% to yield 4.063%
(3) Priced at 99.905% to yield 4.562%
(4) Priced at 99.516% to yield 5.440%
The joint book-running managers for the offering are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated.