Davis Polk advised Freeport-McMoRan Inc. (“FCX”) in connection with an amendment and restatement dated as of February 26, 2016 (the “Term Loan Amendment”), to its term loan facility, among FCX, Freeport-McMoRan Oil & Gas LLC (“FMOG”), the lenders party thereto and JPMorgan Chase Bank, N.A, as administrative agent, dated February 14, 2013 (the “Term Credit Facility”), and an amendment and restatement dated as of February 26, 2016 (the “Revolver Amendment”), to its revolving credit facility among FCX, FMOG, PT Freeport Indonesia, the lenders party thereto and JPMorgan Chase Bank, N.A, as administrative agent, dated February 14, 2013 (the “Revolving Credit Facility”). The Term Loan Amendment and the Revolver Amendment modified the financial covenant levels, the negative covenants and the interest rate margins and provided that FCX and its subsidiaries will secure both facilities with a mutually acceptable collateral and guarantee package unless FCX agrees to sell assets totaling $3 billion in the aggregate by June 30, 2016, and consummates such sales by December 31, 2016. The Term Loan Amendment also modified the mandatory prepayment provisions of the Term Credit Facility, and the Revolver Amendment reduced the commitments under the Revolving Credit Facility from $4 billion to $3.5 billion.

FCX is a premier U.S.-based natural resources company headquartered in Phoenix, Arizona, that operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, molybdenum, cobalt, oil and natural gas. FCX has a dynamic portfolio of operating, expansion and growth projects in the copper industry. FCX is also the world’s largest publicly traded copper producer, the world’s largest producer of molybdenum and a significant gold, oil and natural gas producer.

The Davis Polk credit team included partner Lawrence E. Wieman and associates Yitz Segal, Alexandra (Z-Z) L. Cowen and Win Rutherfurd. The capital markets team included partner Richard D. Truesdell Jr. and counsel Jeffrey S. Ramsay. Associate Brantley Hawkins provided 1940 Act advice. Partner Marc O. Williams and associate Daniel Brass provided mergers and acquisitions advice. All members of the Davis Polk team are based in the New York office.

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