Ms. Bonita To reports
FIRST QUANTUM MINERALS ANNOUNCES $1 BILLION SENIOR NOTES OFFERING
First Quantum Minerals Ltd. has launched an offering of $1-billion aggregate principal amount of senior notes due 2031 (in U.S. dollars, except where noted otherwise).
The notes will be senior unsecured obligations of the company and will be guaranteed by certain of the company's subsidiaries. Interest on the notes will accrue from the issue date and will be payable semi-annually. The interest rate and offering price of the notes, along with certain other terms, will be determined at the time of pricing of the offering, subject to market conditions.
The company intends to apply the gross proceeds from the sale of the notes toward: (i) the repayment of $750-million aggregate principal amount under the company's existing revolving credit facility; and (ii) the redemption of $250-million aggregate principal amount of the company's outstanding senior notes due 2025. Fees and expenses associated with the offering are expected to be paid using cash on balance sheet. The company has prepared an offering memorandum, which will be made available to selected prospective purchasers of the notes.
We seek Safe Harbor.
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