FIRST QUANTUM ANNOUNCES REFINANCING WITH IMPROVED FINANCIAL COVENANTS AND AMORTIZATION SCHEDULE (In United States dollars, except where noted otherwise)
NEWS RELEASE
17-26
October 20, 2017
www.first-quantum.com
FIRST QUANTUM ANNOUNCES REFINANCING WITH
IMPROVED FINANCIAL COVENANTS AND AMORTIZATION SCHEDULE
(In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today announced that
it has signed a new Term Loan and Revolving Credit Facility (the "Facility") with its core relationship banks. This
new Facility replaces the existing $1.875 billion facility. The new $2.2 billion Facility comprises 17 banks and was
increased from a launch amount of $2.0 billion following significant demand in the bank market. It comprises a $700
million Term Loan Facility, and a $1.5 billion Revolving Credit Facility, maturing on December 31, 2020 with an
option to extend for a further two years where certain conditions are met. The new Facility includes revised financial
covenants, an extended amortization schedule that starts in December 2019, improves the financial flexibility of the
Company through the added liquidity and is timed to better match the Cobre Panama commissioning and ramp up
schedule.
Under the new Facility, the current Net Debt to EBITDA covenant ratio of 5.0x will now be maintained until Q2
2018. The ratio will then reduce to 4.75x until Q2 2019, then to 4.5x until Q4 2019 and to 4.0x to Q2 2020, when it
will reduce to 3.5x.
BNP Paribas and Societe Generale acted as Bookrunners on the Facility.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall
President
For further information visit our website at www.first-quantum.com
North American contact: Sharon Loung, Director, Investor Relations
Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888) 688-6577 E-Mail: [email protected]
United Kingdom contact: Clive Newall, President
Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail: [email protected]
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements and information herein, including all statements that are not historical facts, contain forward-
looking statements and forward- looking information within the meaning of applicable securitie s laws . The
forward-looking statements include estimates, forecasts and statements as to the Company’s expectations of
production and sales volumes, and expected timing of completion of project development at Cobre Panama and
are subject to the impact of o re grades on future production, the potential of production disruptions, capital
expenditure and mine production costs, the outcome of mine permitting, the outcome of legal proceedings which
involve the Company, information with respect to the future price of copper, gold, nickel, zinc, pyrite, cobalt and
sulphuric acid, estimated mineral reserves and mineral resources, First Quantum’s exploration and development
program, estimated future expenses, exploration and development capital requirements, the Compa ny’s hedging
policy, and goals and strategies. Often, but not always, forward- looking statements or information can be
identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations
First Quantum Minerals Refinancing 17-26
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of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous
assumptions including among other things, assumptions about continuing production at all operating facilities, the
price of copper, gold, nickel, zinc, pyrite, cobal t and sulphuric acid, anticipated costs and expenditures and the
ability to achieve the Company’s goals. Forward-looking statements and information by their nature are based on
assumptions and involve known and unknown risks, uncertainties and other factor s which may cause the actual
results, performance or achievements, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward -looking statements or information. These
factors include, but are not limited to, future production volumes and costs, the temporary or permanent closure
of uneconomic operations, costs for inputs such as oil, power and sulphur, political stability in Zambia, Peru,
Mauritania, Finland, Spain, Turkey, Pana ma, Argentina and Australia, adverse weather conditions in Zambia,
Finland, Spain, Turkey, Mauritania and Panama, labour disruptions, power supply, mechanical failures, water
supply, procurement and delivery of parts and supplies to the operations, and the production of off-spec material.
See the Company’s Annual Information Form for additional information on risks, uncertainties and other factors
relating to the forward-looking statements and information. Although the Company has attempted to identify factors
that would cause actual actions, events or results to differ materially from those disclosed in the forward -looking
statements or information, there may be other factors that cause actual results, performances, achievements or events
not to be anticipated, estimated or intended. Also, many of these factors are beyond First Quantum’s control.
Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company
undertakes no obligation to reissue or update forwar d-looking statements or information as a result of new
information or events after the date hereof except as may be required by law. All forward -looking statements and
information made herein are qualified by this cautionary statement.