Loan & DebtMay 20, 2026, 04:24 PM
Freeport-McMoRan Secures New $3.0B Revolving Credit Facility
AI Summary
Freeport-McMoRan Inc. and its subsidiary PT Freeport Indonesia entered into a new $3.0 billion senior unsecured revolving credit facility on May 14, 2026. This five-year facility, maturing on May 14, 2031, replaces the company's previous $3.0 billion credit facility that was set to mature in October 2027. The terms are substantially similar, including a $500 million borrowing limit for PTFI and a $1.5 billion sublimit for letters of credit, with approximately $5 million in existing letters of credit rolled over.
Key Highlights
- Secured a new $3.0 billion senior unsecured revolving credit facility.
- The new facility matures on May 14, 2031, providing a five-year term.
- It replaces a prior $3.0 billion revolving credit facility that was due in October 2027.
- PT Freeport Indonesia's borrowing capacity under the facility is capped at $500 million.
- The sublimit for the issuance of letters of credit remains $1.5 billion.
- A financial covenant requires maintaining a total leverage ratio not exceeding 3.75 to 1.00.
- Approximately $5 million in letters of credit from the prior facility were rolled over.
Price Impact
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