Freeport-McMoRan seeking new credit facility via JPMorgan

By Sara Rosenberg

New York, Jan. 27 - Freeport-McMoRan Copper & Gold Inc. plans to obtain a new credit facility with JPMorgan acting as lead arranger. Upon entering into the new loan, the company anticipates terminating its existing credit facilities.

The company declined to reveal any further details about the credit facility.

On Friday the company priced $500 million of senior notes due 2010 top yield 10 1/8%. Proceeds from the note sale will be used to repay borrowings under its bank credit facilities, according to a news release.

Freeport- McMoRan is a New Orleans copper and gold mining company.

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