FCX announces conversions of $66.5 m notes due 2006
Monday, August 2 2004 - 04:57 PM WIB
US copper and gold miner Freeport-McMoRan Copper & Gold Inc. (FCX) announced Monday the completion of the call for redemption of its 8 1/4% Senior Convertible Notes due 2006, resulting in the conversion of all $66.5 million of Notes into FCX common stock.
In this transaction, all holders of the Notes have converted their Notes into 4.7 million shares of FCX common stock (based on the $14.30 per share conversion price under the terms of the Notes), in lieu of redemption at a price of 102.75%. This conversion will reduce FCX's total consolidated debt by $66.5 million.
As a result of this transaction, there are no remaining 8 1/4% Senior Convertible Notes. FCX shares of common stock outstanding total approximately 178.5 million.
FCX operates huge copper and gold mine in Papua province. (alex)