On April 20, 2018, Freeport-McMoRan Inc., and PT Freeport Indonesia and Freeport-McMoRan Oil & Gas LLC entered into a new revolving credit agreement with 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 (the Revolving Credit Facility). BNP Paribas, Citibank, N.A., HSBC Bank USA, National Association, Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, MUFG Bank Ltd. and Bank of Montreal, Chicago Branch, were co-documentation agents for the Revolving Credit Facility. JPMorgan, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia, MUFG Bank Ltd. and Bank of Montreal, Chicago Branch were joint lead arrangers and joint bookrunners for the Revolving Credit Facility. The Revolving Credit Facility is unsecured. The Revolving Credit Facility replaces FCX's existing revolving credit agreement dated as of February 14, 2013 (as amended, modified, supplemented, and amended and restated), among FCX, PTFI, FM O&G, the lenders and issuing banks party thereto, JPMorgan, as administrative agent, and Bank of America, N.A., as syndication agent. FCX elected, in accordance with the terms of the existing revolving credit agreement, to terminate all of the commitments under the existing revolving credit agreement, with such termination effective April 20, 2018. The Revolving Credit Facility provides for a five-year, unsecured revolving credit facility, under which FCX, PTFI and FM O&G may obtain loans in an aggregate principal amount of up to $3.5 billion (which is available for up to $1.5 billion in letters of credit), with PTFI's borrowing capacity limited to $500 million. The Revolving Credit Facility matures on April 20, 2023. Amounts repaid under the Revolving Credit Facility prior to the maturity date may be reborrowed, subject to satisfaction of the borrowing conditions. As of April 20, 2018, FCX had no borrowings outstanding under the Revolving Credit Facility and approximately $13 million in letters of credit issued. Interest on loans made under the Revolving Credit Facility will, at the option of FCX, PTFI or FM O&G, be determined based on the adjusted LIBO rate or the alternate base rate (each as defined in the Revolving Credit Facility) plus a spread to be determined by reference to a grid based on FCX's credit ratings. 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 financial covenants under the Revolving Credit Facility require FCX to maintain (1) a total leverage ratio not to exceed 3.75 to 1.00 and (2) an interest expense coverage ratio of not less than 2.25 to 1.00. The Revolving Credit Facility also contains customary affirmative covenants and representations.