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MAGMA COPPER ISSUES $200 MILLION SENIOR SUBORDINATED NOTES AND GIVES NOTICE TO REDEEM COPPER INTEREST-INDEXED NOTES

 MAGMA COPPER ISSUES $200 MILLION SENIOR SUBORDINATED NOTES
 AND GIVES NOTICE TO REDEEM COPPER INTEREST-INDEXED NOTES
 TUCSON, Ariz., Jan. 3 /PRNewswire/ -- Magma Copper Company (AMEX: MCU) closed, on Dec. 30, 1991, a $200 million issue of 12 percent Senior Subordinated Notes due Dec. 15, 2001. The proceeds of this new issue and cash on hand will be used to redeem the company's Copper Interest-Indexed Senior Subordinated Notes, due Nov. 15, 1998 (the "copper notes").
 Magma will redeem on Jan. 31, 1992 all of the outstanding copper notes at the redemption price of 108 percent of the principal amount plus accrued but unpaid interest to Jan. 31, 1992.
 The copper notes are currently paying interest at the rate of 14.6 percent per year. The refinancing of the copper notes with the new issue will decrease interest payments by approximately $7 million per year. Magma Copper Company, one of the largest primary copper producers in the United States, produces high-quality copper cathode and rod for sale to customers worldwide. Magma has operations in San Manuel, Miami, Superior and Humboldt, Arizona and Ely, Nevada. Corporate headquarters are in Tucson, Arizona.
 -0- 1/3/92
 /CONTACT: Richard P. Johnson, corporate treasurer, 602-575-5670 or Kimberly L. Wick, treasury analyst, 602-575-5673, both of Magma Copper/
 (MCU) CO: Magma Copper Company ST: Arizona IN: MNG SU:


SE -- SD001 -- 6367 01/03/92 08:01 EST
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Publication:PR Newswire
Date:Jan 3, 1992
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