Freeport-McMoRan to redeem $210 million portion of 6.625% notes

By Angela McDaniels

Tacoma, Wash., March 31 - Freeport-McMoRan Copper & Gold Inc. subsidiaries Freeport-McMoRan Oil & Gas LLC and FCX Oil & Gas Inc. will redeem $210 million of their 6.625% senior notes due 2021 on April 30, according to an 8-K filing with the Securities and Exchange Commission.

The amount to be redeemed is 35% of the principal amount of notes outstanding.

The redemption price is 106.625% of par plus accrued interest up to but excluding the redemption date.

The redemption price will be funded with cash contributions from the parent company to the subsidiaries in exchange for additional equity in the subsidiaries.

The notes were originally issued by Plains Exploration & Production Co., which was acquired by Freeport-McMoRan in the second quarter of 2013.

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

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