First Quantum Minerals (FQM) – Senior Notes Offering
| Series | Principal Amount (USD) | Interest Rate | Maturity Date | Key Features |
|---|---|---|---|---|
| Series A – Senior Notes | $300 million | 6.125 % (fixed) | September 30 2029 | Unsecured, senior, non‑convertible, subject to customary covenants and a 40 % “interest‑coverage” covenant. |
| Series B – Senior Notes | $250 million | 7.125 % (fixed) | September 30 2034 | Unsecured, senior, non‑convertible, subject to the same covenant package as the Series A notes. |
Key points from the announcement
Pricing & Upsizing: The original offering was upsized from the initially announced $400 million to a total $550 million of senior notes. The additional $150 million (the “Series B” notes) were added after the pricing of the original $300 million Series A notes was completed.
Use of Proceeds: Net proceeds (after deducting underwriting fees and other expenses) are expected to be used primarily for (i) general corporate purposes, including working‑capital needs, and (ii) potential repayment of existing indebtedness (subject to market conditions and the Company’s financing strategy).
Listing & Settlement: The notes will be listed on the New York Stock Exchange (NYSE) and will settle on a “delivery versus payment” (DVP) basis.
Pricing Details: The notes were priced at a discount to face value (approximately 99.5 % for the Series A notes and 99.0 % for the Series B notes) and will trade under the ticker FQM on the NYSE after issuance.
Governing Law: The notes are governed by the laws of the State of New York.
Summary Answer
The newly issued senior notes consist of:
- $300 million of 6.125 % senior notes due September 30 2029, and
- $250 million of 7.125 % senior notes due September 30 2034.
Both series are senior, unsecured, non‑convertible notes that carry fixed coupon rates of 6.125 % and 7.125 % respectively, and they mature on the dates noted above. The offering was priced and upsized to a total of $550 million, with the proceeds earmarked for general corporate purposes and potential debt repayment.