First Quantum Announces New $2.925 Billion Syndicated Bank Facility
14 October 2021 - 9:43PM
First Quantum Announces New $2.925 Billion Syndicated Bank
Facility
First Quantum Minerals Ltd. (“FQM” or the “Company”) (TSX: FM)
today announced that it has signed a new $2.925 billion Term Loan
and Revolving Credit Facility (the "Facility"). This new Facility
replaces the existing $2.7 billion Term Loan and Revolving Credit
Facility due to mature December 2022. The new $2.925 billion
Facility comprises a $1.625 billion Term Loan Facility and a $1.3
billion Revolving Credit Facility, maturing in September 2025. The
Facility is syndicated to a group of long-standing relationship
banks of First Quantum.
The refinancing extends the debt maturity
profile of the business and removes all material debt maturities
through to April 2023. In addition, the refinancing provides
additional liquidity headroom and continues management's practice
of proactively addressing debt maturities, and further demonstrates
the Company's access to a diverse range of funding sources. The
refinancing includes improved financial terms and reduced financial
covenants, an extended amortization schedule for the Term Loan
Facility beginning in December 2022 and improves the financial
flexibility of the Company through the added liquidity.
The Facility will be used to fully prepay and
cancel amounts outstanding on the existing facility ($1.66 billion
as at September 30, 2021), to fully prepay and cancel a bilateral
bank facility for $175 million and for general corporate
purposes.
For further information, visit our website at
www.first-quantum.com or contact:
Bonita To, Director, Investor Relations (416)
361-3400 Toll-free: 1 (888) 688-6577E-Mail: info@fqml.com
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