Freeport McMoRan to repay all outstanding bank debt with convertible sale

By Ronda Fears

New York, Feb. 6 - Freeport McMoRan Copper & Gold Inc. plans proceeds from a $500 million convertible bond sale to repay all outstanding bank debt. The company also said that it plans to terminate its existing bank credit facilities and replace them with a new credit facility with JPMorgan acting as lead arranger.

Upon completion of the offering and the planned termination of its bank credit facilities, Freeport said its board of directors has authorized a new annual cash dividend policy for its common stock of 36c per share, payable quarterly at 9c per share, with the initial quarterly dividend expected to be paid on May 1.

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

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