Freeport-McMoRan Announces Increase In Aggregate Purchase Price Of Offers To Purchase Certain Outstanding Senior Notes

PHOENIX, AZ - Freeport-McMoRan Inc. has amended its previously announced tender offers to increase the aggregate purchase price from up to $800 million to $1.5 billion that it may use to purchase a portion of its outstanding 3.55% Senior Notes due 2022, 3.875% Senior Notes due 2023 and 4.55% Senior Notes due 2024, upon the terms and conditions set forth in the Offer to Purchase, dated July 13, 2020. In addition, FCX also increased the financing condition to the tender offers. Holders of the Notes are urged to carefully read the Offer to Purchase, which sets forth a more detailed description of the tender offers, before making any decision with respect to the tender offers. No other terms of the previously announced tender offers have changed.

The increase in the Aggregate Maximum Tender Cap reflects the increase in the size of FCX’s previously announced debt financing, which was increased to $1.5 billion from the previously announced $800 million aggregate principal amount. The net proceeds from such debt financing and, if necessary, cash on hand or available liquidity, will be used to fund the tender offers.

Holders who have already validly tendered (and not validly withdrawn) their Notes do not need to re-tender their Notes. The tender offers are still subject to the acceptance priorities.