Oroco Resource Corp. press release
First Quantum Announces Refinancing with Improved Financial Covenants and Extended Repayment Schedule
TSXV - TSX Venture Exchange · Copper · Molybdenum · Gold · Silver · Canada
Canada NewsWire
TORONTO, Feb. 7, 2019
TORONTO, Feb. 7, 2019/CNW/ - First Quantum Minerals Ltd. ("First Quantum" or the "Company", TSX Symbol "FM")today announced that it has signed a new $2.7 billionTerm Loan and Revolving Credit Facility (the "Facility") underwritten by three core relationship banks. This new Facility replaces the existing $1.5 billionRevolving Credit Facility. The new $2.7 billionFacility (with an accordion feature to increase it up to $3.0 billionbefore the end of 2019) comprises a $1.5 billionTerm Loan Facility and a $1.2 billionRevolving Credit Facility (which can be upsized to $1.5 billionif 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 2020and improves the financial flexibility of the Company through the added liquidity.
The Facility will be used for the redemption of the $1,120.5 millionsenior notes due February 2021in 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
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SOURCE First Quantum Minerals Ltd.
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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: lisa.doddridge@fqml.com; United Kingdom contact: Clive Newall, President, Tel: +44 7802 721663, Fax: +44 140 327 3494, E-Mail: clive.newall@fqml.comCopyright CNW Group 2019