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Freeport McMoRan Bondholders Complete Exchange Offer

Paul, Weiss represented an ad-hoc bondholder group in connection with the closing of an exchange offer involving the issuance of new notes of Freeport McMoRan in exchange for certain existing notes of its subsidiary, Freeport McMoRan Oil & Gas LLC. Paul, Weiss assisted the bondholder group in its negotiations with the companies, resulting in additional favorable provisions and an increase in overall consideration to bondholders. 

Paul, Weiss assisted in the formation of the bondholder group in September and represented the group in resisting the Companies' consent solicitation with respect to the existing bonds. The solicitation aimed to obtain bondholder consent to various indenture amendments that would have, among other things, permitted the sale of various assets of the subsidiary to a third party. The consent solicitation was abandoned by the companies in October, and the exchange offer was negotiated and commenced instead.

The Paul, Weiss team included corporate partner Lawrence Wee; bankruptcy partner Brian Hermann; and litigation partners Stephen Lamb, Daniel Toal and Gregory Laufer.

December 13, 2016

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