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Freeport-McMoRan will offer senior notes to fund redemption, tendered notes

Freeport-McMoRan Inc. will offer senior notes in two tranches in an underwritten registered public offering to fund the redemption of notes and concurrent cash tender offers.

The company said Aug. 1 that it will use some of the proceeds to fund the redemption Sept. 3 of all of its 6.875% senior notes due in 2023 worth US$728.0 million.

It also kicked off cash tender offers to purchase a portion of its 4.00% senior notes due in 2021, 3.55% senior notes due in 2022 and 3.875% senior notes due in 2023, with an aggregate purchase price of up to US$430.0 million.

Each tender offer will expire at 11:59 p.m. ET on Aug. 28, unless extended or terminated by the company. Tendered notes may be withdrawn by 5 p.m. ET on Aug. 14.