Freeport-McMoRan repaid $638 million notes during quarter, to Oct. 20

By Jennifer Chiou

New York, Oct. 21 - Freeport-McMoRan Copper & Gold Inc. said it repaid $638 million in debt through the redemption of its 6 7/8% senior notes due 2014 and open-market purchases of its 8¼% senior notes due 2015 and 8 3/8% senior notes due 2017 at a cost of $672 million between July 1 and Oct. 20.

On July 21, the company announced plans to redeem the $340 million of 6 7/8% notes on Aug. 20 for $352 million. The payment price was 103.438% of par plus accrued interest from Aug. 1 to the redemption date.

During the third quarter, the company made purchases of $191 million of the 8¼% notes and 8 3/8% notes and then added $107 million of purchases following Sept. 30.

At Sept. 30, Freeport-McMoRan's total debt approximated $6.6 billion and consolidated cash was around $2.3 billion.

The mining company has headquarters in Phoenix.

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