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Freeport accepts $133.3 million 7.5% notes in tender
New York, April 17 - Freeport-McMoRan Copper & Gold Inc. said it accepted for purchase $133.3 million principal amount of its 7.50% senior notes due 2006, or 67% of the outstanding amount, in its tender offer.
The offer expired at midnight ET on April 16. Settlement is expected on April 22.
AS PREVIOUSLY ANNOUNCED: Freeport said on April 4 it completed the tender offer for its 7.20% senior notes due 2026 and putable in November 2003 by accepting for purchase $100.5 million principal amount. That amount is approximately 40% of the outstanding notes.
Freeport (B3/B-) said on March 6 that it had begun tender offers to purchase any and all of its outstanding 7.20% senior notes due 2026 (which are putable this November) and 7.50% senior notes due 2006. It said the tender offers would expire at 5 p.m. ET on April 3. The tender for the 7.5% notes was subsequently extended to midnight ET on April 16 and modified to increase the payment.
Freeport said that it would purchase both the 7.20% notes and the 7.50% notes at a price of $1,010 per $1,000 in principal amount, plus accrued and unpaid interest. The price for the 7.50% notes was subsequently increased to $1,030 per $1,00 principal amount.
The company said that it estimated that the aggregate amount of cash it expects to spend for the tendered notes is approximately $455 million, assuming all of the outstanding notes are tendered. It said that as a result of its previously reported recent financing transactions - including the sale of $500 million new 10 1/8% senior notes due 2010 on Jan. 24 - its current cash position approximates $800 million.
J.P. Morgan Securities Inc. (call toll-free at 800 245-8812) was dealer manager and Georgeson Shareholder Communications Inc. (call toll-free at 866 775-2735) was information agent for the tender offers.
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