Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that it has completed the sale of $3.0 billion of senior notes. The offering generated net proceeds of approximately $2.97 billion, which FCX expects to use plus cash on hand to redeem its outstanding 8.375% Senior Notes due 2017. Annual interest cost savings associated with the refinancing will total approximately $160 million.Following is a summary of the three new tranches of debt, which will have an aggregate weighted interest cost of approximately 3.0%:
|1.40% Senior Notes (1)||$0.5 Billion||Due February 13, 2015|
|2.15% Senior Notes (2)||$0.5 Billion||Due March 1, 2017|
|3.55% Senior Notes (3)||$2.0 Billion||Due March 1, 2022|
|(1) Priced at 99.857% to yield 1.449%|
|(2) Priced at 99.880% to yield 2.175%|
|(3) Priced at 99.747% to yield 3.580%|
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