Freeport-McMoRan Copper & Gold Inc. Completes Sale Of $3.0 Billion Of Senior Notes

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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