FREEPORT-McMoRan Copper & Gold, the world’s largest publicly traded copper miner, had obtained $9.5bn in financing to support its purchase of Plains Exploration & Production and McMoRan Exploration, the firms said on Wednesday.

Freeport dropped 13% to $33.17 in New York. Plains surged 25% to $45 and McMoRan Exploration jumped 76% to $14.85.

JPMorgan Chase is providing the debt, which will fund the cash portion of the transaction and repay borrowings under Plains’ existing term loans and revolving credit line, the companies said in a statement distributed by Business Wire.

Freeport, based in Phoenix, will pay about $50 per share in cash and stock for Houston-based Plains, according to the statement. Holders of each McMoRan share will get $14.75 in cash and 1.15 units of royalty trust.

Plains had about $4.5bn of long-term debt as of September 30, according to a November 1 regulatory filing. It had about $503.8m available under its senior credit line, which had $1.4bn in commitments and a borrowing base of about $2.3bn, according to the filing.

Plains Offshore, a unit of Plains, has a $300m revolver that expires in November 2016. It obtained a $7bn financing commitment in September in conjunction with the acquisition of deepwater Gulf of Mexico properties from BP and Royal Dutch Shell, according to the filing.

The debt includes a $3bn, five-year revolving line of credit, a $750m, five-year term loan, a $1.25bn term portion expiring in seven years, as well as a $2bn bridge facility.

Bloomberg