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Freeport-McMoRan to pay US$469.4M for redemption of senior notes

Freeport-McMoRan Inc. will redeem US$454.1 million of senior notes on April 4 at a cost of US$469.4 million, excluding accrued and unpaid interest.

The notes include US$403.7 million of 6.750% notes due 2022 to be redeemed at US$103.375 for a total cost of US$417.3 million, and Freeport-McMoRan Oil & Gas LLC's US$50.4 million of 6.875% notes due 2023 to be redeemed at US$103.438 for US$52.1 million.

The redemption will result in interest cost savings of about US$30 million per annum, according to the March 5 release.