First Quantum releases results of note tender offer

Executive Summary

• First Quantum Minerals announced early results of its cash tender offer to repurchase up to $250 million of its 9.375% senior secured second‑lien notes due 2029.
• Holders who tendered by the early deadline will receive a total consideration of $1,066.25 per $1,000 principal (including a $50 premium and accrued interest).
• The aggregate amount tendered exceeded the maximum offer size; purchases will be made on a prorated basis, with settlement scheduled for August 21, 2025.

Key Details

• Offer Size: Up to $250 million principal of 9.375% senior secured second‑lien notes due 2029.
• Early Tender Deadline: 5 p.m. New York time, August 19, 2025.
• Early Settlement Date: August 21, 2025 (all conditions satisfied/waived).
• Total Consideration per $1,000 Principal: $1,066.25
• Base tender consideration: $1,016.25
• Early‑tender premium: $50.00
• Plus accrued and unpaid interest.
• Prorated Acceptance: Because the total amount tendered exceeded the $250 million cap, purchases will be prorated; notes tendered after the early deadline will not be accepted.
• Tender Offer Expiration: September 3, 2025, 5 p.m. New York time (for any remaining untendered notes).
• Dealer Managers: J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Société Générale. Contact numbers provided for each dealer.
• Cancellation of Purchased Notes: All repurchased notes will be cancelled upon settlement.
• Documentation Access: Copies available from Kroll Issuer Services Ltd. (tel 44‑20‑7704‑0880; email [email protected]).

Notable Quotes

(No direct quotes were included in the release.)