First Quantum Minerals Announces Cash Tender Offer to Purchase Any and All of Its Outstanding 6.875% Senior Notes Due 2027
(In United States dollars, except where noted otherwise)
TORONTO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (the "Company" or "First Quantum") (TSX:FM) today announced that it has commenced an offer to purchase for cash (the "Tender Offer") any and all of its outstanding 6.875% Senior Notes due 2027 (the "Notes") from holders of the Notes ("Holders"), as further described in the offer to purchase dated the date hereof (the "Offer to Purchase") and the related Notice of Guaranteed Delivery.
The Tender Offer will expire at 5:00 pm, New York City time, on August 12, 2025 (such date, as may be extended, the "Expiration Date"). The consideration for each $1,000 principal amount of Notes tendered prior to the Expiration Date and accepted for purchase pursuant to the Tender Offer shall be the "Notes Consideration" and will be calculated by the Dealer Managers (as defined below) as set forth in the table below in a manner described in the Offer to Purchase by reference to the fixed spread (the "Fixed Spread") specified below plus the yield based on the bid-side price of the U.S. Treasury Reference Security specified below (the "Reference Security") as quoted on the Bloomberg Bond Trader FIT3 series of pages (the "Reference Page") at 2:00 p.m., New York City time, on the date referred to in the Offer to Purchase as the "Price Determination Date." In addition, Holders who validly tender and do not validly withdraw their Notes in the Tender Offer will be paid a cash amount equal to accrued and unpaid interest from the last interest payment date up to, but not including, the Settlement Date (as defined in the Offer to Purchase). For the avoidance of doubt, any Notes accepted for purchase pursuant to the Offer will cease to accrue interest on and after the Settlement Date.
Tendered Notes may be withdrawn at any time at or prior to the Expiration Date and no tenders will be valid if submitted after the Expiration Date. Upon completion of the Tender Offer, the Notes accepted for purchase will be canceled.
Notes
CUSIP Number(1)
ISIN(1)
Principal AmountOutstanding
AuthorizedDenomination
U.S. TreasuryReference Security
Bloomberg Reference Page
Fixed Spread (basis points)
6.875% Senior Notes due 2027
Reg S: C3535C AM0144A: 335934 AT2
Reg S: USC3535CAM04144A: US335934AT24
$750,000,000
$200,000 and integral multiples of $1,000 in excess thereof
4.250% UST due October 15, 2025US91282C FP14
FIT3
0
(1)
CUSIP/ISIN information is provided for the convenience of Holders of the Notes. No representation is made as to the correctness or accuracy of such numbers.
Notes may be tendered and accepted for payment only in principal amounts equal to authorized denominations described above. Holders who tender less than all of their Notes must continue to hold such Notes in the applicable minimum authorized denomination.
The purpose of the Tender Offer is to acquire any and all of the aggregate principal amount of the outstanding Notes as part of a refinancing transaction (the "Refinancing") pursuant to which the Company expects to issue, on or prior to the Settlement Date (the "New Notes Issuance") new senior notes (the "New Notes") on terms and conditions reasonably satisfactory to the Company. The proceeds of the New Notes are expected be used, among other things, to purchase Notes pursuant to the Tender Offer and redeem Notes not tendered in the Tender Offer pursuant to the Redemption (as defined below). There can be no assurance that the Company will be able to complete the New Notes Issuance and satisfy the Financing Conditions (as defined below).
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