First Quantum Announces Amendments To Financial Covenants
22 April 2020 - 10:42PM
First Quantum Minerals Ltd. (“FQM” or the “Company”) (TSX:
“FM”) today announced that the financial covenants under
its senior $2.7 billion Term Loan and Revolving Credit Facility
have been amended.
The Net Debt to EBITDA Ratio has been increased
as follows:
- to 5.00 for the third and fourth quarters of 2020;
- to 4.75 for the first and second quarters of 2021; and
- to 4.50 for the third and fourth quarters of 2021.
The Debt Service Cover Ratio has been decreased
as follows:
- to 1.00 for the second, third and fourth quarters of 2020;
and
- to 1.10 for all quarters of 2021.
The definitions of EBITDA and Cash Available for
Debt Service have been amended to exclude the EBITDA and net cash
flows from Ravensthorpe up to and including the second quarter of
2020, while the Company brings this operation out of care and
maintenance and into commercial levels of production.
The financial covenants will revert to the
original ratios from 2022.
“During this unprecedented time, the Company,
with the support of its long-term relationship lenders, has taken
the proactive step of renegotiating the terms of the financial
covenants under the loan agreement. We appreciate the flexibility
and support from our lenders and their continued commitment to work
with us as we navigate this current uncertainty,” said Philip
Pascall, Chairman and CEO. “The amendment of the financial
covenants continues management's long held practice of proactively
addressing debt compliance and managing risk in periods of
uncertainty.”
For further information, visit our website at
www.first-quantum.com.
North American contact: Lisa Doddridge,
Director, Investor RelationsTel: (416) 361-6400 Toll-free: 1 (888)
688-6577
United Kingdom contact: Clive Newall,
PresidentTel: +44 7802 721663 Fax: +44 140 327 3494E-Mail:
info@fqml.com
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