Freeport-McMoRan Copper & Gold Inc said on Thursday it plans to issue senior notes through a private placement, with the proceeds to help fund the copper producer's move into oil and gas production. 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 separate deals worth a combined $9 billion.The Phoenix-based company secured $7 billion in debt financing earlier this month, including a $4 billion term loan and a $3 billion revolving credit facility.Freeport will use the proceeds of the senior note offering, together with its term loan, to fund the two deals, which are expected to close in the second quarter of 2013.The copper and gold miner did not give any details on the value of the private placement.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX fell by 1.12% or $-0.36/share to $31.91. In the past year, the shares have traded as low as $30.54 and as high as $43.65. On average, 19633900 shares of FCX exchange hands on a given day and today's volume is recorded at 1406076.
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 traded higher by 0.25% or $0.04/share to $16.12. In the past year, the shares have traded as low as $7.25 and as high as $16.30. On average, 4523510 shares of MMR exchange hands on a given day and today's volume is recorded at 28697.
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