First Quantum Announces Refinancing with Improved Financial Covenants and Extended Repayment Schedule
NEWS RELEASE
19-06
February 7, 2019
www.first-quantum.com
FIRST QUANTUM ANNOUNCES REFINANCING WITH IMPROVED FINANCIAL
COVENANTS AND EXTENDED REPAYMENT SCHEDULE
First Quantum Minerals Ltd. (“First Quantum” or the “Company”, TSX Symbol “FM”) today
announced that it has signed a new $2.7 billion Term Loan and Revolving Credit Facility (the
"Facility") underwritten by three core relationsh ip banks. This new Facility replaces the existing
$1.5 billion Revolving Credit Facility. The new $2.7 billion Facility (with an accordion feature to
increase it up to $3.0 billion before the end of 2019) comprises a $1.5 billion Term Loan Facility
and a $1.2 billion Revolving Credit Facility (which can be upsized to $1.5 billion if the accordion
feature is activated), maturing on December 31, 2022. The Facility will be syndicated to a broad
group of relationship banks.
The refinancing extends the debt maturity profile of the business. This will eliminate all material
debt maturities through to 2022. In addition, it provides liquidity headroom under our Revolving
Credit Facilities. This financing continues management’s long held practice of proactively
addressing debt maturities and further demonstrates the Company’s access to a diverse range of
capital markets. The financing includes revised financial covenants, an extended amortization
schedule for the Term Loan Facility that starts in June 2020 and improves the financial flexibility
of the Company through the added liquidity.
The Facility will be used for the redemption of the $1,120.5 million senior notes due February
2021 in full or in part and for general corporate purposes.
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: Lisa Doddridge, Director, Investor Relations
Tel: (416) 361-6400 Toll Free: 1 (888) 688-6577 E-Mail: [email protected]
United Kingdom contact: Clive Newall, President
Tel: +44 7802 721663 Fax: +44 140 327 3494 E-Mail: [email protected]