PHOENIX--(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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Freeport-McMoRan Inc.
Financial Contacts:
Kathleen L. Quirk,
602-366-8016
or
David P. Joint, 504-582-4203
or
Media
Contact:
Linda S. Hayes, 602-366-7824
Source: Freeport-McMoRan Inc.