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First Quantum Minerals gets $2.93 billion term loan, revolver
By Marisa Wong
Los Angeles, Oct. 14 – First Quantum Minerals Ltd. said it signed a new $2,925,000,000 term loan and revolving credit facility maturing in September 2025.
The new facility replaces the company’s existing $2.7 billion term loan and revolving credit facility set to mature in December 2022.
The new facility comprises a $1,625,000,000 term loan and a $1.3 billion revolver, according to a news release.
The refinancing extends the company’s debt maturity profile and removes all material debt maturities through April 2023.
In addition, the company said the refinancing includes improved financial terms and reduced financial covenants, an extended amortization schedule for the term loan beginning in December 2022 and improves the financial flexibility of the company through the added liquidity.
The facility will be used to fully prepay and cancel amounts outstanding on the existing facility, $1.66 billion as of Sept. 30, to fully prepay and cancel a bilateral bank facility for $175 million and for general corporate purposes.
The facility is syndicated to a group of long-standing relationship banks of First Quantum.
The mining and metals company is based in Toronto.
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