SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 4, 1997
Freeport-McMoRan Inc.
Delaware 1-8124 13-3051048
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
New Orleans, LA., September 4, 1997 -- Freeport-McMoRan Inc.
(NYSE:FTX) announced today that it has called for redemption on
October 3, 1997 all of the outstanding shares of its $4.375
Convertible Exchangeable Preferred Stock (the Preferred Stock).
FTX will pay $52.1875 per share of Preferred Stock, plus $0.3846
per share representing the amount of accrued and unpaid dividends
to the redemption date, for a total payment of $52.5721 per share
of Preferred Stock.
As an alternative to redemption and at the option of the
holder, the Preferred Stock is convertible until 5:00 p.m. (New
York time) on October 3, 1997 into shares of FTX common stock at a
conversion rate equal to approximately 1.827485 shares of FTX
common stock per share of Preferred Stock. In lieu of any
fractional share issuance, an equivalent amount will be paid in
cash by FTX.
As long as the market price of FTX common stock remains above
$28.77 per share, holders of the Preferred Stock will receive more
value upon conversion of the Preferred Stock into shares of FTX
common stock than they would otherwise receive upon redemption.
On September 3, 1997 the closing price of FTX common stock as
reported on the New York Stock Exchange Composite Tape was $35.625
per share. If all of the outstanding Preferred Stock is converted
into FTX common shares an additional 1.83 million FTX common
shares will be issued. FTX common shares outstanding on June 30,
1997 totaled approximately 23.34 million shares.
Freeport-McMoRan Inc. owns a 51.6% interest in Freeport-
McMoRan Resource Partners, which is engaged in the production and
sale of phosphate fertilizer and animal feed ingredients as well
as the mining and sale of phosphate rock through IMC-Agrico
Company, the mining, transporting, terminalling and marketing of
sulphur, and the exploration, development and production of oil
and gas reserves.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
Freeport-McMoRan Inc.
By: /s/ C. Donald Whitmire
------------------------------
C. Donald Whitmire
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: September 4, 1997
