Freeport-McMoran Copper & Gold (FCX -0.7%) plans to redeem $3B of senior debt using proceeds...

|By:, SA News Editor

Freeport-McMoran Copper & Gold (FCX -0.7%) plans to redeem $3B of senior debt using proceeds from a senior offering it floated earlier today. The company says the move will save it $160M in annual interest with the senior notes at a coupon rate of 8.375% off its books.