TORONTO, Feb. 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
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SOURCE First Quantum Minerals Ltd.