Mining company, First Quantum Minerals, declares the pricing and expansion of its senior notes sale
First Quantum Minerals Announces $1 Billion Senior Notes Offering
First Quantum Minerals Ltd., a global mining company, has launched a senior notes offering worth $1 billion, with an interest rate of 7.250% and maturity date in 2034. The notes are senior unsecured obligations, guaranteed by some of the company's subsidiaries, and interest accrues semi-annually.
The offering, initially set at $750 million, was upsized to $1 billion. The company plans to use the proceeds from this offering, along with its existing cash reserves, to retire its outstanding 6.875% senior notes due 2027, refinance a portion of its existing 9.375% senior secured second lien notes due 2029, and cover related fees, costs, and expenses.
The pricing of the notes was announced on August 6, 2025, with settlement expected around August 20-21, 2025, subject to customary closing conditions. The tender offer for the existing 6.875% notes had its expiration and settlement dates extended in parallel with the pricing and upsizing of the new notes.
This transaction is part of First Quantum’s strategy to optimize its debt maturity and interest expenses. However, it's important to note that the offering is not registered under the U.S. Securities Act of 1933, and the notes will not be offered or sold within the U.S. or to U.S. Persons, except pursuant to an exemption from or in a transaction not subject to the registration requirements of the U.S. Securities Act and the applicable laws of other jurisdictions.
For further information, contact Bonita To, Director of Investor Relations, at (416) 361-6400, 1 (888) 688-6577, or [email protected]. For media inquiries, contact James Devas, Manager of Corporate Affairs, at 44 207 291 6630 or [email protected].
Interest on the Notes will accrue at a rate of 7.250% per annum and will be payable semi-annually. In the UK, the offering of the securities will be made pursuant to an exemption under the Prospectus Regulation. In the EEA, no key information document has been prepared for offering or selling the securities to retail investors.
Readers should not place undue reliance on forward-looking statements or information. The forward-looking statements and information are based on numerous assumptions and involve known and unknown risks, uncertainties, and other factors. 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 a comprehensive understanding of the risks associated with this transaction, interested parties are encouraged to read the company's annual information form, management's discussion and analysis, and other continuous disclosure documents filed with Canadian securities regulatory authorities, which are available on SEDAR at www.sedar.com.
[1] Source: First Quantum Minerals Ltd. News Release, August 6, 2025 [2] Source: First Quantum Minerals Ltd. Investor Presentation, August 6, 2025
The offering, part of First Quantum Minerals' strategy, involves a $1 billion senior notes offering in the finance sector, targeting the industry and business world. The proceeds from this offering, combined with existing cash reserves, will be used for various purposes such as retiring existing debts, refinancing, and covering fees.
