Freeport-McMoRan to redeem step-up convertibles

New York, Dec. 4 - Freeport-McMoRan Copper & Gold Inc. said it will redeem its step-up convertible preferred stock on Dec. 19.

The New Orleans-based copper, gold and silver miner will pay $25.00 per share for the preferreds plus $0.2283 of accrued dividends.

Up to 5 p.m. ET Dec. 19 holders can convert the preferreds into Freeport-McMoRan common stock at the rate of 0.835 shares of common stock per share of preferred stock.

Freeport-McMoRan noted that as long as its stock remains above $30.22 holders will receive more value from conversion than redemption. The company's stock closed at $44.95 on Wednesday.

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