Davis Polk advised Freeport-McMoRan Copper & Gold Inc. (FCX) in connection with its SEC-registered offering of $3 billion of senior notes. FCX will use the proceeds from the offering plus cash on hand to redeem all of its outstanding 8.375% senior notes due 2017.

The offering consisted of three tranches of senior notes, including $500 million of 1.40% senior notes due 2015, $500 million of 2.15% senior notes due 2017 and $2 billion of 3.55% senior notes due 2022. Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC were the joint book-running managers. 

FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX has a dynamic portfolio of operating, expansion and growth projects in the copper industry and is the world’s largest producer of molybdenum. 

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associates Melissa Glass, Britton M. Sellers and Tsz Hin Kwok (not yet admitted). Partner Rachel D. Kleinberg and associate Arie Rubenstein provided tax advice. Counsel Hayden S. Baker and associate Jesse Kramer (not yet admitted) provided environmental advice. Associate Catherine L. Martin provided ’40 Act advice. Rosemarie Melendez was the legal assistant for the transaction. Members of the Davis Polk team are based in the New York and Menlo Park offices.