Copper.....
Freeport-McMoRan Copper & Gold Inc. announced today the completion of agreements with two bank syndicates providing committed financing for a $4 billion bank Term Loan and a new $3 billion Revolving Credit Facility in connection with FCXs proposed acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co.
The Term Loan will be drawn at the closing of the acquisitions and may be used to fund the cash portion of the acquisitions, refinancing of certain debt outstanding at PXP and MMR or for general corporate purposes. The Term Loan will mature five years from the date of the first borrowing and will bear interest determined by reference to FCXs credit ratings (currently LIBOR + 1.50%).
In connection with the completion of the Term Loan, lender commitments under FCXs acquisition bridge facilities have been reduced from $9.5 billion to $5.5 billion. In addition, FCX has entered into agreements for a new five-year $3 billion Revolving Credit Facility, which will replace FCXs existing $1.5 billion revolving credit facility on completion of the PXP transaction.
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Freeport-McMoRan Copper & Gold Inc. announced today the completion of agreements with two bank syndicates providing committed financing for a $4 billion bank Term Loan and a new $3 billion Revolving Credit Facility in connection with FCXs proposed acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co.
The Term Loan will be drawn at the closing of the acquisitions and may be used to fund the cash portion of the acquisitions, refinancing of certain debt outstanding at PXP and MMR or for general corporate purposes. The Term Loan will mature five years from the date of the first borrowing and will bear interest determined by reference to FCXs credit ratings (currently LIBOR + 1.50%).
In connection with the completion of the Term Loan, lender commitments under FCXs acquisition bridge facilities have been reduced from $9.5 billion to $5.5 billion. In addition, FCX has entered into agreements for a new five-year $3 billion Revolving Credit Facility, which will replace FCXs existing $1.5 billion revolving credit facility on completion of the PXP transaction.
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