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As M&A deals flourish, Freeport-McMoran launches year's largest bond offering

Freeport-McMoRan Copper & Gold (FCX) today launched a M&A-driven $6.5 billion offering across four tranches of 144A/Reg S notes to back two large acquisitions, setting the largest offering since AbbVie placed $14.7 billion in early November to back its spin-off from Abbott Laboratories. Spreads were set at T+162.5 for $1.5 billion of five-year notes; at T+187.5 for $1 billion of seven-year notes; at T+200 for $2 billion of 10-year notes; and at T+237.5 for $2 billion of 30-year bonds, all representing the narrow end of guidance ranges, sources said.