20 May 2026debt financing● Neutral
FCX renewed its revolving credit facility again on essentially the same $3.0 billion terms, extending the maturity to May 2031.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2022debt financing● Neutral
FCX replaced its 2018 credit facility with a new $3.0 billion unsecured five-year revolver, maturing October 2027.
14 Apr 2022capital raising announcement● NeutralMajor
On April 14, 2022, PT-FI completed the notes offering announced April 5: $3.0 billion in total, made up of $750 million of 4.763% notes due 2027, $1.5 billion of 5.315% notes due 2032 and $750 million of 6.200% notes due 2052. Proceeds are for smelter projects, refinancing and general purposes, and the debt counts in FCX's consolidated debt.
5 Apr 2022capital raising announcement● NeutralMajor
On April 5, 2022, PT Freeport Indonesia (PT-FI), which FCX describes as 48.76% owned, announced it intends to offer U.S. dollar senior notes, with proceeds meant for its smelter projects, refinancing and general purposes. The notes would be PT-FI's own unsecured debt but counted in FCX's consolidated debt; size and terms were not yet set.
27 July 2020debt financing● NeutralMajor
FCX closed its $1.5 billion of new notes - $650 million at 4.375% due 2028 and $850 million at 4.625% due 2030 - and reported only early results on the buy-back offers for its 2022-2024 notes, extending the early-tender premium to 7 August rather than completing them.
14 July 2020material agreement▲ Good
Freeport priced an upsized $1.5 billion of senior notes, $650 million of 4.375% notes due 2028 and $850 million of 4.625% notes due 2030, up from the $800 million first announced. Proceeds were to fund cash tender offers, raised to up to $1.5 billion, for its 2022, 2023 and 2024 notes.
10 Mar 2020production update▲ GoodMajor
On March 9, 2020, FCX furnished a press release titled "Freeport-McMoRan Provides Operational Update" in an 8-K. The filing itself gave no operating figures or other details.
4 Mar 2020debt financing● Neutral
FCX completed the sale of $1.3 billion of senior notes (due 2028 and 2030) and announced early tender results. It accepted all tendered 2021 notes and about 87% of the tendered 2022 notes, and it will redeem the remaining 2021 notes.
20 Feb 2020material agreement▲ Good
Just weeks before the COVID-19 market crash, FCX priced an upsized $1.3 billion of notes (2028/2030) to fund tender offers retiring up to $1.1 billion of its 2021-2024 legacy notes.
25 Nov 2019material agreement● Neutral
FCX and its lenders amended the revolving credit facility, raising the maximum total leverage ratio from 3.75x to 5.25x for quarters through June 30, 2021, then back to 3.75x. During that period the unrestricted cash allowed to offset debt was cut from $2.5 billion to $1.25 billion.
15 Aug 2019debt financing● Neutral
FCX completed the sale of $600 million of 5.00% notes due 2027 and $600 million of 5.25% notes due 2029. It said it would use the proceeds to redeem its 6.875% notes due 2023 and to buy back tendered 2021 and 2022 notes.
2 Aug 2019material agreement● Neutral
FCX priced $1.2 billion of new notes (due 2027 and 2029) to redeem its 6.875% notes due 2023 and fund tender offers for other legacy notes, continuing its long-running debt-refinancing program.
2 May 2019debt financing● Neutral
FCX amended its revolving credit facility, extending most of it by a year to April 2024 and loosening how the leverage-ratio covenant is calculated.
28 Dec 2018material agreement▲ GoodMajor
FCX closed the Inalum transaction: Indonesian entities now hold 51.2% of PT-FI's shares, but FCX retained its economics (about 81.28%) through 2022 via revenue and cost-sharing arrangements and continues to manage PT-FI's day-to-day operations.
28 Sept 2018material agreement▲ GoodMajor
FCX agreed to terms for Indonesian state enterprise Inalum to acquire Rio Tinto's Grasberg joint-venture interest and FCX's indirect 9.36% stake in PT Freeport Indonesia for $3.85 billion (FCX to receive $350 million) -- resolving years of Contract of Work negotiations by lifting Indonesian share ownership to 51.2% while extending PT-FI's mining rights through 2041.
23 Apr 2018debt financing▲ Good
On April 20, 2018, FCX, PT Freeport Indonesia and FM O&G signed a new five-year unsecured $3.5 billion revolving credit facility maturing April 20, 2023. It replaced the February 2013 facility, and nothing was borrowed at signing.
10 May 2017debt financing● Neutral
FCX filed an S-4 to register exchange offers for about $2.09 billion of new senior notes due 2019 to 2023, including $179.1 million of 6.125% notes due 2019. The notes mirror the unregistered notes issued in the December 2016 exchange and are guaranteed by Freeport-McMoRan Oil & Gas LLC.
29 Dec 2016debt financing● Neutral
FCX completed the final settlement of that note exchange after its expiration, accepting a small remaining amount of tendered notes.
13 Dec 2016debt financing● Neutral
FCX completed the early settlement of its exchange offers on December 13, 2016, issuing about $2.1 billion of new FCX notes due 2019-2023, guaranteed by Freeport-McMoRan Oil & Gas, plus cash, for notes issued by its oil and gas subsidiaries.
16 Nov 2016asset acquisition disposition▲ GoodMajor
FCX closed the Tenke Fungurume sale to China Molybdenum for $2.65 billion, using the proceeds to repay debt including its bank term loan.
12 Sept 2016material agreement▲ GoodMajor
FCX agreed to sell its Deepwater Gulf of Mexico oil and gas properties to Anadarko Petroleum for $2.0 billion cash plus up to $150 million contingent -- effectively exiting offshore oil and gas -- and launched a consent solicitation to amend its oil and gas subsidiaries' note indentures.
27 July 2016material agreement● Neutral
FCX entered into a distribution agreement with 17 banks to sell up to $1.5 billion of common stock from time to time through an at-the-market program. The 8-K also reported a second-quarter 2016 net loss of $479 million.
24 June 2016capital raising announcement● NeutralMajor
FCX agreed, between June 16 and June 23, 2016, to swap $268.5 million of its senior notes for 19.9 million new common shares (about 1.59% of shares outstanding) plus about $3.1 million cash for accrued interest. This cuts debt at the cost of modest dilution to existing shareholders, and the company says it is evaluating further debt buybacks or debt-for-equity exchanges (no amounts or commitments given).
16 May 2016material agreement▼ Bad
FCX registered up to $540 million of stock that Noble Drilling could sell under a settlement terminating an offshore drilling rig contract with FCX's oil and gas unit -- a real cost of unwinding the 2013 oil and gas expansion.
9 May 2016material agreement▲ GoodMajor
FCX agreed to sell its 56%-effective interest in Tenke Fungurume Mining (Democratic Republic of Congo copper/cobalt) to China Molybdenum for $2.65 billion cash plus up to $120 million in contingent payments -- its largest divestiture yet in the debt-reduction campaign.
16 Feb 2016material agreement▲ GoodMajor
FCX agreed to sell a 13% interest in its Morenci, Arizona copper mine to Sumitomo Metal Mining for $1.0 billion cash, part of a broader push to pay down the debt from its oil and gas expansion.
18 Sept 2015material agreement● Neutral
FCX entered a new distribution agreement with J.P. Morgan and six other banks to sell up to $1 billion of common stock at market prices, with commissions up to 1.50%. The earlier August agreement with J.P. Morgan alone had been used from August 11 to September 17, 2015.
10 Aug 2015material agreement▼ BadMajor
Amid the 2015 commodity-price crash, FCX set up a $1.0 billion at-the-market equity sales program with J.P. Morgan -- a sign of balance-sheet strain following its debt-funded expansion into oil and gas.
29 Jan 2015material agreement● Neutral
FCX and Indonesia extended their memorandum of understanding on concession, royalty and divestment terms from January to July 2015, continuing the long-running Contract of Work negotiations.
14 Nov 2014debt financing● Neutral
FCX priced and completed a $3.0 billion sale of senior notes in four tranches maturing 2017 to 2034, with coupons from 2.30% to 5.40%. It said it expected to use the net proceeds to repay certain outstanding debt.