Freeport-McMoRan extends most of $3.5 billion revolver a year to 2024

By Wendy Van Sickle

Columbus, Ohio, May 2 – Freeport-McMoRan Inc. and subsidiaries PT Freeport Indonesia and Freeport-McMoRan Oil & Gas LLC entered into a first amendment to their revolving credit agreement on Thursday to extend the maturity date of $3.26 billion of commitments by one year to April 20, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The remaining $240 million will mature on April 20, 2023.

The amendment also modifies the calculation of the total debt component used to determine the total leverage ratio by increasing the amount of unrestricted cash that may be applied to reduce the amount of total debt.

The credit agreement is originally dated April 20, 2018. JPMorgan Chase Bank, NA is the administrative agent, and Bank of America, NA the syndication agent.

As of Thursday, the company had no borrowings outstanding and about $13 million in letters of credit issued under the credit agreement.

Freeport is a Phoenix-based mining company.

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