Freeport-McMoran Copper & Gold Inc said on Tuesday it has secured $7 billion in debt financing to help fund its move to diversify into oil and gas.The copper miner said it had reached deals with two bank syndicates for a $4 billion term loan and a $3 billion revolving credit facility.Freeport, faced with a lack of high-quality new copper deposits, agreed in December to purchase Plains Exploration & Production Co and McMoRan Exploration Co in a bid to diversify into the U.S. energy sector. The deals, worth a combined $9 billion, are expected to close in the second quarter of 2013.The company said it will draw on the term loan when the takeovers close and may use it to fund the cash portion of the deals, among other things. The loan will mature five years from the date of borrowing.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX remained unchanged at $35.04. In the past year, the shares have traded as low as $30.54 and as high as $44.74. On average, 18828500 shares of FCX exchange hands on a given day and today's volume is recorded at 18900.
McMoRan Exploration Co. (McMoRan) is engaged in the exploration, development and production of oil and natural gas in the shallow waters (less than 500 feet of water) of the Gulf of Mexico and onshore in the Gulf Coast area of the United States. Shares of MMR remained unchanged at $16.05. In the past year, the shares have traded as low as $7.25 and as high as $16.13. On average, 5408790 shares of MMR exchange hands on a given day and today's volume is recorded at 0.
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