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Freeport-McMoRan tenders for up to $1.1 billion of four note series
By Sarah Lizee
Olympia, Wash., Feb. 19 – Freeport-McMoRan Inc. launched cash tender offers for up to $1.1 billion of four series of notes, according to a press release.
Initially, the company announced that it would purchase $800 million of notes, but later in the day increased the amount after its new note issue was upsized.
The offers will expire at 11:59 p.m. ET on March 17.
The following are included in the tender offer, listed in order of acceptance priority level:
• $195.1 million of 4% senior notes due 2021 (Cusip: 35671DBH7) for a total consideration of $1,037.66 per $1,000 of notes;
• $1.88 billion of 3.55% senior notes due 2022 (Cusip: 35671DAU9) for a total consideration of $1,023.75 per $1,000 of notes;
• $1.92 billion of 3 7/8% senior notes due 2023 (Cusips: 35671DAX3, U31386AE2, 35671DAZ8) for a total consideration of $1,035 per $1,000 of notes; and
• $850 million of 4.55% senior notes due 2024 (Cusip: 35671DBL8) for a total consideration of $1,070 per $1,000 of notes.
The total consideration for each series includes an early tender premium of $30 per $1,000 of notes. Holders who tender their notes by 5 p.m. ET on March 3, the early tender date, will be eligible to receive the early tender premium.
Holders will also receive accrued interest.
Tenders may be withdrawn at or prior to the early tender date.
Settlement is expected for March 19.
Proceeds from one or more debt financings and, if necessary, cash on hand or available liquidity, will be used to fund the tender offers.
The dealer managers are J.P. Morgan Securities LLC (212 834-3424 or 866 834-4666) or BofA Securities (646 855-0173 or 888 292-0070). The tender and information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers, 800 628-8510 for all others or fcx@dfking.com).
The mining company is based in Phoenix.
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