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Financings

First Quantum Minerals Announces Cash Tender Offer To Purchase Its Outstanding 9.375% Senior Secured Second Lien Notes Due 2029 In A Maximum Aggregate Principal Amount Of Up To $250 Million

By The Northwire Desk — AI Analysis Aug 06, 2025 · 17:53 FM · 22.95 First Quantum Minerals Ltd.
FM · Price

Executive Summary

  • First Quantum Minerals Ltd. launched a cash tender offer to repurchase up to $250 million of its 9.375% Senior Secured Second Lien Notes due 2029.
  • The company simultaneously priced and upsized a $1.0 billion senior note issuance (New Notes due 2034); proceeds from the New Notes will fund part of the tender offer.
  • Early‑tender participants receive an additional $50 per $1,000 principal (total consideration $1,066.25), while later tenders receive $1,016.25 per $1,000 principal.

Key Details

  • Tender Offer Scope: Maximum aggregate principal amount of $250 million (out of $1.6 billion outstanding).
  • Pricing:
  • Early Tender (by Aug 19, 2025, 5:00 p.m. NY time) – $1,066.25 per $1,000 principal ($1,016.25 tender consideration + $50 early premium).
  • Regular Tender (by Sep 3, 2025, 5:00 p.m. NY time) – $1,016.25 per $1,000 principal.
  • Expiration: Tender offer expires at 5:00 p.m. New York City time on September 3, 2025 (subject to extension).
  • Settlement: Early settlement expected two business days after the early tender deadline; final settlement two business days after expiration, unless the offer is terminated or extended.
  • Use of Proceeds: Portion of proceeds from the concurrently priced $1.0 billion senior notes due 2034 will be applied to fund the tender consideration.
  • Conditions: Offer subject to satisfaction/waiver of conditions including successful pricing and closing of the New Notes, and sufficient net proceeds to cover both this tender and a separate offer for 6.875% senior notes due 2027 ($750 million outstanding).
  • Dealer Managers: J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Société Générale.
  • Contact Information:
  • Tender & Information Agent – Kroll Issuer Services Ltd. (website: https://deals.is.kroll.com/fqml-2029).
  • Investor Relations – Bonita To, Director, IR (416‑361‑6400; [email protected]).
  • Media Relations – James Devas, Manager, Corporate Affairs (+44 207 291 6630; [email protected]).

Notable Quotes

No direct executive quotes were included in the release.

Read the original news release →

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