Summary
Freeport-McMoRan Inc. (FCX) filed an 8-K on July 27, 2020, to report the completion of a significant debt financing transaction. The company successfully sold $1.5 billion in aggregate principal amount of senior notes, consisting of $650 million of 4.375% Senior Notes due 2028 and $850 million of 4.625% Senior Notes due 2030. These notes are guaranteed by Freeport-McMoRan Oil & Gas LLC and are senior unsecured obligations, ranking equally with existing and future unsecured and unsubordinated indebtedness.
Key Highlights
- 1Completion of $1.5 billion senior notes offering on July 27, 2020.
- 2Issued $650 million of 4.375% Senior Notes due 2028.
- 3Issued $850 million of 4.625% Senior Notes due 2030.
- 4Notes are guaranteed by Freeport-McMoRan Oil & Gas LLC.
- 5The securities are senior unsecured obligations of FCX and the Guarantor.
- 6The Indenture includes covenants restricting debt secured by liens, sale and leaseback transactions, and mergers/consolidations.
- 7FCX also announced early results of offers to purchase certain outstanding senior notes and extended the early tender premium.