Copper miner Freeport-McMoRan Inc. priced US$1.20 billion of senior notes, including US$600 million of 5.0% notes due Sept. 1, 2027, and US$600 million of 5.250% notes due Sept. 1, 2029.
The sale of the notes is expected to settle Aug. 15, the company said Aug. 1.
The Arizona-based company recently said it will use the net proceeds to redeem all of its outstanding 6.875% senior notes due in 2023 worth US$728.0 million.
Freeport 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.
The company recently reported a second-quarter net loss of US$72 million, or 5 US cents per share, swinging year over year from a net profit of US$869 million, or 59 cents per share.