Freeport-McMoran holders convert all $66.5 million of 8¼% notes

Pittsburgh, August 2 - Freeport-McMoRan Copper & Gold Inc. said holders of its 8¼% senior convertible notes due 2006 converted all $66.5 million outstanding of the notes into 47 million shares of the company's common stock, according to a company news release.

The notes were converted at $14.30 per share in lieu of the 102.75% redemption price.

The conversion will reduce Freeport-McMoRan's consolidated debt by $66.5 million, according to the release.

There are no 8¼% notes remaining. About 178.5 million shares of the company's common stock are outstanding.

Freeport-McMoRan, a New Orleans-based copper, gold and silver miner, exercised the call option on the convertibles on June 25.

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