Mining Corporation First Quantum Minerals Announces Increase and Pricing of Senior Bonds Sale
First Quantum Minerals Ltd., a leading mining company, has successfully completed an offering of $1 billion senior notes due 2034. The original offering amount was $750 million, but it has been increased to $1 billion.
The notes, which are senior unsecured obligations of First Quantum and guaranteed by certain of its subsidiaries, were issued at par (100%) and accruing interest at 7.250% payable semi-annually.
The company plans to use the gross proceeds from this offering, along with cash on hand, to fund a tender offer for First Quantum's existing 6.875% senior notes due 2027, refinance a portion of its existing 9.375% senior secured second lien notes due 2029, and pay related fees, costs, and expenses.
This strategic refinancing allows First Quantum Minerals to manage its debt profile efficiently by replacing older, higher-interest debt with new notes at a fixed rate of 7.25% and extending maturities until 2034.
However, it's important to note that this announcement does not constitute a prospectus, an advertisement, or a public offering of the securities referred to herein in Canada. The notes will not be registered under the U.S. Securities Act, and they will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons.
In the UK, this announcement will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the securities. No key information document required by the PRIIPs Regulation or the UK PRIIPs Regulation has been prepared for offering or selling the securities to retail investors in the EEA or UK, respectively, and offering or selling the securities to any retail investor in these regions may be unlawful.
For investor relations inquiries, contact Bonita To at (416) 361-6400, Toll-free: 1 (888) 688-6577, or email: [email protected]. For media relations, contact James Devas at 44 207 291 6630, or email: [email protected].
It's also worth mentioning that neither the content of the company's website nor any website accessible by hyperlinks on the company's website is incorporated in, or forms part of, this announcement. The company's website can be found at www.first-quantum.com.
Certain information contained in this news release constitutes "forward-looking statements" and "forward-looking information" that involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law.
This announcement is only directed at relevant persons, which includes persons having professional experience in matters relating to investments, high net worth entities, or persons to whom it would otherwise be lawful to distribute to or direct at. A retail investor in the EEA or UK is defined as a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II in the EEA, or (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565, or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 in the UK. Settlement for the notes is expected to take place on or about August 20, 2025.
The offering of $1 billion senior notes by First Quantum Minerals, a leading mining company, is not only a significant move in the industry but also a strategic step in finance and business, as the company aims to refinance its existing debts and manage its debt profile efficiently.
The successful completion of this offering, when combined with cash on hand, will enable First Quantum to participate in various financial transactions, such as funding a tender offer for its existing notes, refinancing a portion of its existing secured notes, and paying related fees, costs, and expenses.
