Freeport-McMoRan calls $66.5 million 8¼% convertibles

Pittsburgh, June 25 - Freeport-McMoRan Copper & Gold Inc. called all $66.5 million of its outstanding 8¼% convertible senior notes due 2006 at a redemption price of 102.75%, according to a company release.

The redemption date is July 31.

The notes may be converted into shares of Freeport common stock until 5 p.m. ET on July 30 at a conversion price of $14.30 per share, or a conversion rate of 69.93 shares per $1,000 principal amount.

As long as the market price stays about $14.70 per share, holders will receive the stock with a greater market value upon conversion than they would receive upon redemption, the release said. Freeport stock closed at $33.69 per share Thursday.

If the notes are not converted, Freeport will pay $1,027.50 per $1,000 principal amount of notes. All holders at the close on July 15 will receive $41.25 per $1,000 principal amount in interest.

Freeport is a New Orleans copper, gold and silver miner.

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