Freeport-McMoRan Copper & Gold Inc Completes Sale Of $6.5 Billion Of Senior Notes In Private Placement

Freeport-McMoRan Copper & Gold Inc announced that it has completed the sale of $6.5 billion of senior notes in four tranches, consisting of 5-year, 7-year, 10-year and 30-year senior notes. The offering generated net proceeds of approximately $6.4 billion, which FCX expects to use, together with the net proceeds of its $4.0 billion term loan, primarily to fund the acquisitions of Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR), including for the payment of cash consideration for the acquisitions and the repayment of certain indebtedness of PXP. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., and Citigroup Global Markets Inc. were joint book-running managers for the senior notes offering.