TORONTO Feb 28 Freeport-McMoRan Copper & Gold
Inc said on Thursday it plans to issue senior notes
through a private placement, with the proceeds to help fund the
copper producer's move into oil and gas production.
Freeport, faced with a lack of high-quality new copper
deposits, agreed in December to buy Plains Exploration &
Production Co and McMoRan Exploration Co in
separate deals worth a combined $9 billion.
The Phoenix-based company secured $7 billion in debt
financing earlier this month, including a $4 billion term loan
and a $3 billion revolving credit facility.
Freeport will use the proceeds of the senior note offering,
together with its term loan, to fund the two deals, which are
expected to close in the second quarter of 2013.
The copper and gold miner did not give any details on the
value of the private placement.