First Quantum Minerals declares a cash offer to acquire its outstanding 9.375% senior secured second lien notes due in 2029, in a total principal amount of up to $250 million.
First Quantum Minerals Announces Cash Tender Offer for Up to $250 Million of Outstanding Notes
First Quantum Minerals Ltd. has announced a cash tender offer to purchase up to $250 million aggregate principal amount of its outstanding 9.375% Senior Secured Second Lien Notes due 2029. The tender offer is part of a broader capital management strategy and is expected to result in the cancellation of the accepted Notes.
Terms of the Tender Offer
The maximum amount to be purchased is $250 million principal amount of the notes. The tender offer is a cash purchase, meaning holders of the notes can tender their notes for cash payment. The offer is detailed in an offer to purchase dated the same day.
Financing for the Tender Offer
First Quantum has completed a new senior notes offering of $1 billion aggregate principal amount of 7.250% senior notes due 2034, which will generate gross proceeds. The company intends to apply these proceeds, combined with existing cash on its balance sheet, to fund the tender offer for the outstanding 9.375% second lien notes due 2029, fund the tender offer for existing 6.875% senior notes due 2027, refinance a portion of the 9.375% senior secured second lien notes, and pay related fees, costs, and expenses.
Important Dates and Conditions
Holders who tender their Notes before August 19, 2025, will receive $1,066.25 per $1,000 principal amount of Notes. Holders who tender their Notes after August 19, 2025, but before September 3, 2025, will receive $1,016.25 per $1,000 principal amount of Notes. The consummation of the offer is subject to certain conditions, including the pricing, closing, and settlement of the Company's new notes.
Cautionary Statement
A cautionary statement on forward-looking information is included in the press release. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. Persons into whose possession the Offer to Purchase comes are required to inform themselves about, and to observe, any such restrictions.
Contact Information
For questions, requests for assistance, and requests for additional copies of the Offer to Purchase, holders may contact the Tender and Information Agent or the Dealer Managers at their addresses set forth in this press release. Individuals or companies whose Notes are held on behalf by a broker, dealer, bank, custodian, trust company, or other nominee or intermediary must contact such entity if they wish to tender Notes in the Tender Offer.
Disclaimer
The New Notes will not be registered under the U.S. Securities Act, or the securities laws of any state of the U.S. or other jurisdictions, and the Notes will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons. This press release must be read in conjunction with the Offer to Purchase. The distribution of the Offer to Purchase may be restricted by law in certain jurisdictions.
Forward-Looking Statements
Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties, and other factors 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.
For more information, contact:
Investor Relations: Bonita To, Director, Investor Relations (416) 361-6400, Toll-free: 1 (888) 688-6577, E-Mail: [email protected]
Media Relations: James Devas, Manager, Corporate Affairs 44 207 291 6630, E-Mail: [email protected]
[1] Press Release: First Quantum Minerals Ltd. Announces Commencement of Cash Tender Offer to Purchase Up to $250,000,000 of its Outstanding 9.375% Senior Secured Second Lien Notes due 2029 (August 6, 2025) [2] Press Release: First Quantum Minerals Ltd. Announces Pricing of $1 Billion 7.250% Senior Notes Offering (August 6, 2025) [3] Form 6-K: First Quantum Minerals Ltd. Form 6-K Furnishing Current Report (August 6, 2025) [4] Offer to Purchase: First Quantum Minerals Ltd. Offer to Purchase and Related Letter of Transmittal (August 6, 2025)
The cash tender offer by First Quantum Minerals for up to $250 million of its outstanding notes is a strategic move in the finance and business industry, intended to improve capital management. To fund this offer, the company has completed a $1 billion offering of new senior notes in the investing market, which will be used, along with existing cash, to purchase its 9.375% second lien notes and other financial commitments.
