Freeport-McMoRan offers $250 million senior note

New Orleans-based copper and gold miner Freeport-McMoRan Copper & Gold Inc. (FCX) announced Wednesday that it planned to offer $250 million of senior notes due 2010.

FCX would use the net proceeds of the offering to repay borrowings under its bank credit facilities, which would then allow FCX to use amounts available under its facilities along with available cash to redeem its Series I Gold-Denominated Preferred Stock, which has a mandatory redemption date of August 1, 2003. FCX plans to commence the offering later this week.

FCX operates a huge copper and gold mining in Indonesia's easternmost province of Papua. (alex)