2 June 2014debt financing● Neutral
FCX amended its revolving credit facility, extending the maturity by a year to May 2019 and increasing lender commitments by $1 billion to $4.0 billion, leaving about $3.5 billion available.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Aug 2013debt financing● Neutral
FCX registered exchange offers for the $5.5+ billion of notes (2018-2043 maturities) it had issued in March 2013 to help fund the PXP and MMR acquisitions, letting holders swap into publicly registered notes with identical terms.
3 June 2013asset acquisition disposition● NeutralMajor
FCX completed its roughly $9 billion pivot into oil and gas: the Plains Exploration & Production (PXP) merger closed May 31, 2013 (~$46.01/share, cash or FCX stock) and the McMoRan Exploration (MMR) merger closed June 3, 2013 ($14.75 cash plus royalty trust units per share), funded partly by a new $4.0 billion term loan; FCX's board grew from 12 to 15 seats and PXP's ex-CEO James Flores became Vice Chairman and head of FCX's new oil and gas business.