Freeport-Mcmoran Inc. Completes the Sale of Its Previously Announced $650 Million Aggregate Principal Amount of 4.375% Senior Notes Due 2028
July 27, 2020 at 05:19 pm EDT
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On July 27, 2020, Freeport-McMoRan Inc., as issuer, and Freeport-McMoRan Oil & Gas LLC, a Delaware limited liability company, as guarantor (Guarantor), completed the sale of its previously announced $650 million aggregate principal amount of 4.375% Senior Notes due 2028 (the 2028 Senior Notes) and $850 million aggregate principal amount of 4.625% Senior Notes due 2030 (the 2030 Senior Notes and, together with the 2028 Senior Notes, the Notes). The Notes are guaranteed by the Guarantor (the Guarantees and, together with the Notes, the Securities). The Securities are FCX and the Guarantor's senior unsecured obligations and will rank senior in right of payment to any subordinated indebtedness that FCX or the Guarantor may incur in the future and equally in right of payment with all of the existing and future unsecured and unsubordinated indebtedness of FCX and the Guarantor. The Securities were offered pursuant to a prospectus supplement dated July 13, 2020, to the prospectus dated August 1, 2019, that forms a part of FCX's effective Registration Statement on Form S-3, as amended (File No. 333-226675), filed by FCX with the Securities and Exchange Commission under the Securities Act of 1933, as amended. The 2028 Senior Notes will mature on August 1, 2028, and the 2030 Senior Notes will mature on August 1, 2030. Interest will accrue at a rate of 4.375% per annum for the 2028 Senior Notes and 4.625% per annum for the 2030 Senior Notes, in each case, from July 27, 2020. Interest on each of the 2028 Senior Notes and the 2030 Senior Notes is payable on February 1 and August 1 of each year, commencing on February 1, 2021. FCX may redeem some or all of the Notes at any time and from time to time at the redemption prices set in the Indenture, as applicable.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).
FREEPORT-MCMORAN INC. 
