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FCX > SEC Filings for FCX > Form 8-K on 23-Jun-2014All Recent SEC Filings

Show all filings for FREEPORT MCMORAN COPPER & GOLD INC

Form 8-K for FREEPORT MCMORAN COPPER & GOLD INC


23-Jun-2014

Other Events


Item 8.01 Other Events.

Freeport-McMoRan Oil & Gas LLC (the "Successor Issuer") and FCX Oil & Gas Inc. (the "Co-Issuer" and together with the Successor Issuer, the "Subsidiaries"), wholly owned subsidiaries of Freeport-McMoRan Copper & Gold Inc. ("FCX"), will redeem on July 23, 2014 (the "Redemption Date") approximately $1.7 billion aggregate face amount of senior notes. This amount represents 35% of the aggregate principal amount of each of the Subsidiaries' outstanding 6.125% Senior Notes due 2019 (the "2019 Notes"), 6.500% Senior Notes due 2020 (the "2020 Notes"), 6.750% Senior Notes due 2022 (the "2022 Notes"), and 6.875% Senior Notes due 2023 (the "2023 Notes" and together with the 2019 Notes, the 2020 Notes and the 2022 Notes, the "Notes"). The Notes will be redeemed at the redemption prices set forth in the table below, together with accrued and unpaid interest on the Notes redeemed to, but not including, the Redemption Date. The redemption will be funded with cash contributions from FCX to the Subsidiaries in exchange for additional equity in the Subsidiaries. A summary of the terms of the redemption is included in the table below.

                                                              Total Excluding
                                         Redemption Price    Accrued and Unpaid
                  Principal Redeemed                            Interest (in
                     (in millions)                               millions)
      2019 Notes                $262.5             106.125%               $278.6
      2020 Notes                $525.0             106.500%               $559.1
      2022 Notes                $350.0             106.750%               $373.6
      2023 Notes                $525.0             106.875%               $561.1
           Total              $1,662.5                                  $1,772.4

The Notes were issued under an Indenture (the "Original Indenture"), dated as of March 13, 2007 among Plains Exploration & Production Company ("PXP") and Wells Fargo Bank, N.A., as trustee (the "Trustee"), as supplemented by a Thirteenth Supplemental Indenture, dated as of November 21, 2011 by and among PXP, the guarantors named therein and the Trustee, as further supplemented by a Fourteenth Supplemental Indenture, dated as of April 27, 2012 by and among PXP, the guarantors named therein and the Trustee, as further supplemented by a Sixteenth Supplemental Indenture, dated as of October 26, 2012 by and among PXP, the guarantors named therein and the Trustee, as further supplemented by a Seventeenth Supplemental Indenture, dated as of October 26, 2012 by and among PXP, the guarantors named therein and the Trustee, as further supplemented by an Eighteenth Supplemental Indenture, dated as of May 31, 2013 by and among the Successor Issuer, the Co-Issuer, PXP, the guarantor named therein, and the Trustee (collectively, the "Indenture").

This redemption is made at the option of the Subsidiaries under Articles 2 and 11 of the Indenture and the Global Securities (as defined in the Indenture) establishing the terms of the Notes pursuant to the Indenture. Wells Fargo Bank, N.A., as trustee, distributed to the registered note holders written notice of the terms of the redemption on June 23, 2014.


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