Freeport-McMoRan Copper & Gold calls all $1.1 billion of 8.25% notes

By Toni Weeks

San Diego, Feb. 24 - Freeport-McMoRan Copper & Gold Inc. has issued a notice to fully redeem about $1.1 billion of its 8.25% senior notes due 2015, according to a news release.

Freeport will pay 104.125 plus accrued interest from Oct. 1 to the redemption date of April 1.

The company expects to record an approximate $49 million charge to net income in the second quarter of 2011 in connection with the redemption. The annual interest cost savings will average $90 million per year.

The Bank of New York Mellon Trust Co., NA is the trustee.

Freeport-McMoRan is a Phoenix-based mining company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.