Freeport-McMoRan lifts revolver to $4 billion, extends maturity

By Marisa Wong

Madison, Wis., June 2 - Freeport-McMoRan Copper & Gold Inc. and subsidiaries PT Freeport Indonesia and Freeport-McMoRan Oil & Gas LLC entered into a first amendment to the revolving credit agreement dated Feb. 14, 2013 to extend the maturity date of the revolver by one year and increase commitments by $1 billion to a total of $4 billion, according to an 8-K filing with the Securities and Exchange Commission.

The amended revolver matures on May 31, 2019, extended from May 31, 2018.

As of May 30, the amendment effective date, there were $435 million of borrowings and $46 million of letters of credit issued under the revolver, resulting in availability of $3.5 billion, of which $1.5 billion could be used for additional letters of credit.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corp., Bank of Nova Scotia and Bank of Tokyo-Mitsubishi UFJ, Ltd. are the joint lead arrangers and joint bookrunners; JPMorgan Chase Bank, NA is the administrative agent and swingline lender; Bank of America, NA is the syndication agent; and BNP Paribas, Citibank, NA, HSBC Bank USA, NA, Mizuho Bank, Sumitomo Mitsui, Bank of Nova Scotia and Bank of Tokyo-Mitsubishi are the co-documentation agents.

Freeport-McMoRan is a mining, oil and natural gas company based in Phoenix.

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