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

Freeport-McMoRan Copper & Gold Inc. announced 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. The joint book-running managers for the offering are J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. 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 $0.5 Billion Due February 13, 2015; 2.15% Senior Notes $0.5 Billion Due March 1, 2017 and 3.55% Senior Notes $2.0 Billion Due March 1, 2022.