TORONTO, February 7, 2019 /PRNewswire/ --
First Quantum Minerals Ltd. ("First Quantum" or
the "Company", TSX Symbol "FM") today announced that it
has signed a new $2.7 billion Term
Loan and Revolving Credit Facility (the "Facility") underwritten by
three core relationship banks. This new Facility replaces the
existing $1.5 billion Revolving
Credit Facility. The new $2.7 billion
Facility (with an accordion feature to increase it up to
$3.0 billion before the end of 2019)
comprises a $1.5 billion Term Loan
Facility and a $1.2 billion Revolving
Credit Facility (which can be upsized to $1.5 billion if the accordion feature is
activated), maturing on December 31,
2022. The Facility will be syndicated to a broad group of
relationship banks.
The refinancing extends the debt maturity profile of the
business. This will eliminate all material debt maturities through
to 2022. In addition, it provides liquidity headroom under our
Revolving Credit Facilities. This financing continues management's
long held practice of proactively addressing debt maturities and
further demonstrates the Company's access to a diverse range of
capital markets. The financing includes revised financial
covenants, an extended amortization schedule for the Term Loan
Facility that starts in June 2020 and
improves the financial flexibility of the Company through the added
liquidity.
The Facility will be used for the redemption of the $1,120.5 million senior notes due February 2021 in full or in part and for general
corporate purposes.
On Behalf of the Board of Directors of First Quantum Minerals
Ltd.
G. Clive Newall
President
Visit our website at http://www.first-quantum.com
North American contact:
Lisa Doddridge
Director, Investor Relations
Tel: (416)361-6400
Toll Free: +1(888)688-6577
E-Mail: lisa.doddridge@fqml.com
United Kingdom
contact:
Clive Newall, President
Tel: +44-7802-721663
Fax: +44-140-327-3494
E-Mail: clive.newall@fqml.com