Freeport expects to use the proceeds to repay borrowings under its bank term loan and its revolving credit facility. The company also expects to record a gain of $550 million on the transaction and to use losses to offset cash taxes on the sale.
Read more: Freeport-McMoRan Raises $1 Billion on Asset Sale (NYSE: FCX ) - 24/7 Wall St . http://247wallst.com/commodities-metals/2016/02/15/freeport-mcmoran-raises-1-billion-on-asset-sale/#ixzz40LjJyxqQ
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