Mining Company First Quantum Minerals Declares Plan to Buy Back Its $250 Million Worth of 9.375% Senior Secured Second Lien Notes maturing in 2029 through a Cash Tender Offer
First Quantum Minerals Launches Cash Tender Offer for $250 Million in Senior Secured Notes
First Quantum Minerals Ltd., a leading global mining company, has announced a cash tender offer for up to $250 million of its 9.375% Senior Secured Second Lien Notes due 2029. The tender offer aims to refinance a portion of these notes, thereby improving the company's debt structure [1][3][5].
The key terms of the offer are as follows:
- Maximum Tender Amount: The tender offer is limited to up to $250 million principal amount of the 9.375% Senior Secured Second Lien Notes due 2029, excluding accrued interest [5].
- Tender Consideration: Holders who validly tender and accept their notes will receive $1,016.25 per $1,000 principal amount of notes [5].
- Early Tender Premium: Holders who tender their notes before August 19, 2025, will be eligible for an additional $50.00 per $1,000 principal amount, making the total consideration $1,066.25 per $1,000 principal amount tendered and accepted [5].
- Accrued Interest: Holders whose notes are purchased will also receive accrued and unpaid interest from the last interest payment date up to, but not including, the settlement date [5].
- Settlement Date: The expected settlement date is shortly after the tender offer period, with canceled notes upon purchase completion [5].
The tender offer is financed by proceeds from the company's $1.0 billion 7.250% senior notes due 2034 offering, which aims to refinance more expensive debt cost-effectively [2][3].
The tender offer is subject to certain conditions, including the pricing, closing, and settlement of the company's new notes on terms satisfactory to the company [7]. It is not intended to be conducted as a public offering in the United States or any other jurisdiction [10].
Holders must make their own decisions as to whether to tender their notes and deliver consents, and, if so, the principal amount of notes to tender. The tender offer will expire at 5:00 pm, New York City time, on September 3, 2025 [8].
Tendered notes may be subject to proration if the aggregate purchase price of notes validly tendered and not validly withdrawn exceeds the maximum tender amount [9]. The distribution of the Offer to Purchase may be restricted by law in certain jurisdictions. Holders are urged to evaluate all information in the Offer to Purchase and consult their own investment and tax advisors [11].
For more information, questions, requests for assistance, or additional copies of the Offer to Purchase, contact the Tender and Information Agent or the Dealer Managers at their addresses set forth in this press release [12]. Copies of documents relating to the tender offer may be obtained from Kroll Issuer Services Limited [13].
For investor relations inquiries, contact Bonita To, Director, Investor Relations, at (416) 361-6400 or Toll-free: 1 (888) 688-6577, or via email at [email protected] [6].
For media inquiries, contact James Devas, Manager, Corporate Affairs, at +44 207 291 6630 or via email at [email protected] [4].
A cautionary statement on forward-looking information is included [14]. The tender offer is described in an offer to purchase dated the same day [15].
[1] https://www.first-quarterly.com/news/press-releases/first-quantum-minerals-announces-cash-tender-offer-for-its-outstanding-9375-senior-secured-second-lien-notes-due-2029 [2] https://www.first-quarterly.com/news/press-releases/first-quantum-minerals-prices-1-0-billion-senior-notes-offering [3] https://www.first-quarterly.com/news/press-releases/first-quantum-minerals-announces-pricing-of-1-0-billion-senior-notes-offering [4] Media Relations contact information provided in the bullet points. [5] Information provided in the bullet points. [6] Investor Relations contact information provided in the bullet points. [7] Information provided in the bullet points. [8] Information provided in the bullet points. [9] Information provided in the bullet points. [10] Information provided in the bullet points. [11] Information provided in the bullet points. [12] Contact information provided in the bullet points. [13] Information provided in the bullet points. [14] A cautionary statement on forward-looking information is included in the bullet points. [15] Information provided in the bullet points.
Business owners and investors in the finance industry may find the recent move by First Quantum Minerals Ltd. noteworthy. The mining company has launched a cash tender offer for $250 million in Senior Secured Notes, aiming to refinance a portion of these notes, which could potentially improve their business operations and industry standing.
