Zambia-focused First Quantum Minerals talks $350 million seven-year notes at 7½% area

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 3 - First Quantum Minerals Ltd. has set initial guidance for its proposed $350 million offering of seven-year senior notes (B1/B+/BB) at the 7½% area, according to a market source.

Citigroup Global Markets Inc. and Jefferies & Co. are the joint global coordinators.

BNP Paribas Securities Corp. is the joint bookrunners for the Rule 144A and Regulation S for life deal.

The notes will be callable in three years at par plus 75% of coupon.

The Vancouver, B.C.-based mining and metals company has major operations in Zambia. The company will use proceeds for general corporate purposes.

A roadshow led by Citigroup was held in London on Sept. 28 before making stops in the U.S. east and west coasts from Oct. 1 to Oct. 3.

The U.S. roadshow was led by Jefferies.

Final investor meetings will take place again in London on Oct. 4.

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