Freeport-McMoRan $1.3 billion notes offering
Davis Polk advised Freeport-McMoRan Inc. (“FCX”) in connection with its SEC-registered offering of $1.3 billion of senior notes. The offering consisted of two tranches of senior notes, including $700 million of 4.125% senior notes due 2028 and $600 million of 4.250% senior notes due 2030.
FCX will use the proceeds from the offering to fund the concurrent tender offers for its 4% senior notes due 2021, 3.55% senior notes due 2022, 3.875% senior notes due 2023 and 4.55% senior notes due 2024 and to redeem all of its outstanding 4% senior notes due 2021 following the early tender date.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.
The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associates Joseph S. Payne, Jolie Yang and Michael F. Power. Partner William A. Curran and associate Adam R. Brownstone provided tax advice. Counsel Loyti Cheng and associate Cristina Harshman provided environmental advice. Associates J. Taylor Arabian and Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the New York and Northern California offices.