PT Freeport Indonesia $3 billion notes offering
We advised the issuer on its Rule 144A / Regulation S notes offering
Davis Polk advised PT-FI as issuer in connection with its three-tranche $3 billion aggregate principal amount of notes offering, which comprises (i) $750 million 4.763% notes due 2027; (ii) $1.5 billion 5.315% notes due 2032 and (iii) $750 million 6.200% notes due 2052.
PT-FI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. PT-FI is owned 51.24% collectively by PT Indonesia Asahan Aluminum (Persero) (PT Inalum, also known as MIND ID), an Indonesia state-owned enterprise, and PT Indonesia Papua Metal Dan Mineral and 48.76% by Freeport-McMoRan Inc., one of the world’s largest publicly traded copper producers listed on the New York Stock Exchange.
The Davis Polk corporate team included partners Gerhard Radtke and James C. Lin and registered foreign lawyers Jennifer (Yujia) Jiang, Xin (Sheen) Xu and Sean Su. The tax team included counsel Alon Gurfinkel and associates Omer Harel and Kelli A. Rivers. The 1940 Investment Company Act team included counsel Sarah E. Kim. Members of the Davis Polk team are based in the Hong Kong, New York and London offices.