{"url_path":"/sec/fcx/8-k/2026-05-20/item-1-01","section_key":"item-1-01","section_title":"Item 1.01 Entry into a Material Definitive Agreement.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/831259/0000831259-26-000027-index.html","accession_number":"0000831259-26-000027","cik":"0000831259","ticker":"FCX","issuer_name":"FREEPORT-MCMORAN INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/831259/0000831259-26-000027-index.html","primary_entity_key":"0000831259","primary_entity_name":"FREEPORT-MCMORAN INC"},"word_count":566,"has_tables":true,"body_markdown":"Item 1.01. Entry into a Material Definitive Agreement.\n\nOn May 14, 2026, Freeport-McMoRan Inc. (FCX) and PT Freeport Indonesia (PTFI), a subsidiary of FCX, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and each of the lenders and issuing banks party thereto entered into a new revolving credit agreement (the New Revolving Credit Facility).\n\nThe New Revolving Credit Facility replaced FCX’s prior $3.0 billion senior unsecured revolving credit facility, dated as of October 19, 2022 which was scheduled to mature in October 2027. The prior credit facility had a $500 million limit on PTFI’s borrowing capacity and provided a $1.5 billion sublimit on the issuance of letters of credit. At the time of termination, there were no borrowings outstanding and approximately $5 million in letters of credit issued under the prior revolving credit facility, which was rolled to the New Revolving Credit Facility.\n\nThe New Revolving Credit Facility is substantially similar to the prior revolving credit facility and provides for a five-year, $3.0 billion senior unsecured revolving credit facility, with a $500 million limit on PTFI’s borrowing capacity, and a $1.5 billion sublimit on the issuance of letters of credit. The New Revolving Credit Facility matures on May 14, 2031.\n\nInterest on loans made under the New Revolving Credit Facility may, at the option of FCX or PTFI, be determined based on the Term Secured Overnight Financing Rate or the Alternate Base Rate (each as defined in the New Revolving Credit Facility), plus a spread to be determined by reference to a grid based on FCX’s credit ratings.\n\nConsistent with the prior revolving credit facility, the New Revolving Credit Facility contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the New Revolving Credit Facility contains a financial covenant requiring FCX to maintain a total leverage ratio not to exceed 3.75 to 1.00. The New Revolving Credit Facility also contains customary affirmative covenants and representations.\n\nIf any subsidiary of FCX (other than a borrower under the New Revolving Credit Facility) guarantees certain indebtedness of FCX and/or any subsidiary exceeding $250 million, the New Revolving Credit Facility will be unconditionally guaranteed by such subsidiary with certain specified exceptions for foreign subsidiaries and foreign subsidiary holding companies. PTFI’s aggregate liability exposure under the New Revolving Credit Facility is capped at $500 million.\n\nCertain of the lenders and agents under the New Revolving Credit Facility, and their respective affiliates have in the past engaged, and may in the future engage, in transactions with FCX and its affiliates, and have in the past performed, and may in the future perform, services, including commercial banking, financial advisory, investment banking and other commercial services, for FCX and its affiliates, in the ordinary course of business for which they have received or will receive customary fees and expenses.\n\nThe foregoing description of the New Revolving Credit Facility is not intended to be complete and is qualified in its entirety by reference to the New Revolving Credit Facility, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference."}