TORONTO, Feb. 22, 2024 – Business – First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) announces that it has successfully completed the pricing of its offering (the “Offering”) of $1,600 million aggregate principal amount of 9.375% senior secured second lien due 2029 (the “Notes”). The issue price of the Notes is 100.000%.
Interest on the Notes will accrue from the issue date at a rate of 9.375% per annum and will be payable semiannually. Settlement is expected to take place on or about February 29, 2024, subject to customary conditions precedent for similar transactions. The Notes will be senior obligations of the Company and will rank equally in right of payment with all of the Company’s existing and future senior debt and senior in right of payment to all of the Company’s existing and future subordinated debt. The Notes will be guaranteed, jointly and severally, on a senior basis by the guarantors (the “Guarantors”) described in the offering memorandum for the Offering (the “Guarantees”). The Guarantees will rank equally in right of payment to all existing and future senior debt of the Guarantors. The obligations of the Company under the Notes and the Guarantors under the Guarantees will be secured on a second-priority basis by a lien on all of the Company’s and the Guarantors’ assets that secure the Company’s and the Guarantors’ obligations under certain of the Company’s credit facilities as described in the offering memorandum relating to the Offering.
The Company intends to apply the net proceeds from the Offering towards the redemption of all of its outstanding senior notes due 2025 and 2026.
