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Freeport-McMoRan Copper & Gold Inc.
FCX announced today that it
intends to offer, subject to market and other conditions, senior notes in
multiple tranches (the “Notes”).
FCX intends to use the net proceeds from the offering, together with the net
proceeds of its term loan, primarily to fund the Plains Exploration &
Production Company (PXP) and McMoRan Exploration Co. (MMR) acquisitions,
including for the payment of cash consideration for the acquisitions and the
repayment of certain indebtedness of PXP. If the PXP acquisition does not
close, FCX will be required to redeem all of the outstanding Notes in certain
of the tranches at 101% plus accrued and unpaid interest. As previously
announced, PXP and MMR stockholder meetings to approve the acquisitions will
be held after the U.S. Securities and Exchange Commission has declared
effective the respective registration statements on Form S-4 filed in
connection with the acquisitions. The transactions are expected to close in
second-quarter 2013.
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