First Quantum Minerals initiates a cash offer to purchase up to $250 million worth of its 9.375% senior secured second lien notes maturing in 2029.
First Quantum Minerals Ltd., a global mining company, has commenced a cash tender offer to purchase up to $250 million aggregate principal amount of its outstanding 9.375% Senior Secured Second Lien Notes due 2029. The offer is for holders who validly tender their notes at or prior to the early tender deadline of 5:00 p.m. New York City time on August 18, 2025, and the expiration time of the tender offer is the same date and time, 5:00 p.m. on August 18, 2025.
The tender offer includes an early tender premium of $50 per $1,000 principal amount, resulting in a total consideration of $1,066.25 per $1,000 principal amount of notes accepted. Holders whose notes are accepted will also receive accrued and unpaid interest from the last interest payment date up to but not including the settlement date. After purchase, the notes will be cancelled.
The company intends to use proceeds from recent note offerings and existing cash on hand to fund this tender offer, which is part of its strategy to refinance and manage its outstanding debt.
The tender offer applies only to the 9.375% Senior Secured Second Lien Notes due 2029 and is separate from the tender offer on other notes like the 6.875% Senior Notes due 2027.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., and Société Générale have been engaged as dealer managers for the Tender Offer. The Tender Offer may be amended, extended, withdrawn, or terminated at any time by the Company.
It is important to note that the consummation of the offer is subject to the satisfaction or waiver of certain conditions, including the pricing, closing, and settlement of the Company's New Notes. The New Notes will not be registered under the U.S. Securities Act, or the securities laws of any state of the U.S. or other jurisdictions and will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons.
The Tender Offer may be restricted by law in certain jurisdictions, and persons into whose possession the Offer to Purchase comes are required to inform themselves about, and to observe, any such restrictions. Copies of documents relating to the Tender Offer may be obtained from Kroll Issuer Services Limited.
Holders are urged to evaluate carefully all information contained in the Offer to Purchase and consult their own investment and tax advisors. None of the Company, the Dealer Managers, or the Tender and Information agent make any recommendation as to whether or not Holders should tender their Notes.
Readers should not place undue reliance on forward-looking statements or information, as they involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law.
For further information, investors can contact First Quantum Minerals Ltd.'s Investor Relations contact, Bonita To, Director, Investor Relations, who can be reached at (416) 361-6400, toll-free at 1 (888) 688-6577, or via email at [email protected]. The company's Media Relations contact is James Devas, Manager, Corporate Affairs, who can be reached at 44 207 291 6630 or via email at [email protected].
| Term | Detail | |-----------------------------|-------------------------------------------| | Notes | 9.375% Senior Secured Second Lien Notes due 2029 | | Maximum Tender Amount | $250,000,000 principal amount | | Early Tender Time | 5:00 p.m. New York City time, August 18, 2025 | | Expiration Time | 5:00 p.m. New York City time, August 18, 2025 | | Tender Consideration | $1,016.25 per $1,000 principal amount | | Early Tender Premium | $50.00 per $1,000 principal amount | | Total Consideration (Tender Consideration + Early Tender Premium) | $1,066.25 per $1,000 principal amount |
The tender offer by First Quantum Minerals Ltd. involves purchasing notes as part of its debt refinancing strategy in the finance industry. Investors in the business sector who hold the specified 9.375% Senior Secured Second Lien Notes due 2029 are eligible to participate in the offer, with a maximum tender amount of $250 million. The offer includes an early tender premium and the total consideration for accepted notes is $1,066.25 per $1,000 principal amount.
