First Quantum closes $1.5B offering of senior notes

Executive Summary

• First Quantum Minerals Ltd. completed a $1.5 billion senior unsecured notes offering (6.375% interest, due 2036).
• Proceeds will be used to fully redeem $1.35 billion of existing 9.375% senior secured second‑lien notes due 2029, repay drawn amounts under its revolving credit facility, and cover transaction fees and related expenses.
• The redemption of the prior 9.375% notes has been finalized, eliminating that outstanding principal obligation.

Key Details

• Offering Size: $1.5 billion aggregate principal amount.
• Interest Rate: 6.375% per annum, payable semi‑annually.
• Maturity: Senior unsecured notes due 2036.
• Guarantee: Notes are guaranteed by certain subsidiaries of First Quantum Minerals Ltd.
• Use of Proceeds:
• Redeem in full $1.35 billion aggregate principal amount of existing 9.375% senior secured second‑lien notes due 2029.
• Repay drawn amounts under the company’s revolving credit facility.
• Pay transaction fees, costs and other expenses associated with the offering.
• Redemption Completed: The previously announced redemption of the 9.375% senior secured second‑lien notes (aggregate $1.35 billion) has been fully executed.

Notable Quotes

(No executive quotes were provided in the release.)