As previously announced, the convertible notes have an interest rate of 5 1/4 percent and are convertible into shares of common stock at $16.575 per share, representing a 30 percent premium over the $12.75 per share price at which McMoRan is selling 6.2 million shares of its common stock in a previously announced public offering.
The notes are being offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The notes and the common stock issuable upon conversion of the notes will not be registered under the Securities Act of 1933 or the securities law of any other jurisdiction. Unless they are registered, the notes may be offered and sold only in transactions that are exempt from registration under the Securities Act of 1933 or the securities laws of any other jurisdiction. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes.
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