Freeport-McMoRan completes $1B at-the-market equity offering

Freeport-McMoRan Inc. (NYSE: FCX) has completed its at-the-market offering of common stock announced on Aug. 10. FCX raised $1 billion in gross proceeds through the sale of 96.7 million shares of FCX common stock in open market transactions since Aug. 10. The shares were issued pursuant to FCX’s shelf registration statement.

On Sept. 18, FCX also filed with the US Securities and Exchange Commission a prospectus supplement under which it may offer and sell additional shares of common stock having aggregate gross proceeds of up to $1 billion from time to time through designated sales agents. Sales of the common stock, if any, would be made by means of ordinary brokers’ transactions or block trades on the New York Stock Exchange at market prices or as otherwise agreed with its agents.

FCX intends to use the net proceeds from these offerings for general corporate purposes, which may include, among other things, the repayment of amounts outstanding under its revolving credit facility and other borrowings and the financing of working capital and capital expenditures.

FCX also announced that it continues to engage in discussions to partner with strategic investors interested in investing capital in the development of its oil and gas properties and to consider the previously announced potential initial public offering of a minority interest in Freeport-McMoRan Oil & Gas Inc. (FM O&G) as market conditions warrant. These actions, together with previously announced capital cost revisions, are being pursued as required to fund oil and gas capital spending within cash flow for 2016 and subsequent years.


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