Freeport-McMoRan Inc. and PT Freeport Indonesia Enters into New Revolving Credit Agreement

On October 19, 2022, Freeport-McMoRan Inc. and PT Freeport Indonesia a subsidiary of FCX, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and each of the lenders and issuing banks party thereto entered into a new revolving credit agreement. The Revolving Credit Facility is unsecured. The Revolving Credit Facility replaces FCX's existing revolving credit agreement dated as of April 20, 2018, as amended.

FCX elected, in accordance with the terms of the existing revolving credit agreement, to terminate all of the commitments, with such termination effective October 19, 2022. The Revolving Credit Facility provides for a five-year, unsecured revolving credit facility, under which FCX and PT-FI may obtain loans in an aggregate principal amount of up to $3.0 billion, with PT-FI's borrowing capacity limited to $500 million. The facility is also available for the issuance of letters of credit up to $1.5 billion.

The Revolving Credit Facility matures on October 19, 2027. Amounts repaid under the Revolving Credit Facility prior to the maturity date may be reborrowed, subject to satisfaction of the borrowing conditions. As of October 24, 2022, FCX had no borrowings outstanding under the Revolving Credit Facility and approximately $8 million in letters of credit issued.

The Revolving Credit Facility contains various negative covenants that, among other things, restrict, subject to certain exceptions, the ability of FCX's subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and FCX's ability or the ability of FCX's subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the Revolving Credit Facility contains a financial covenant requiring FCX to maintain a total leverage ratio not to exceed 3.75 to 1.00. The Revolving Credit Facility also contains customary affirmative covenants and representations.