First Quantum Minerals inks $2.5 billion five-year term loan, revolver

By Susanna Moon

Chicago, Jan. 28 - First Quantum Minerals Ltd. said it signed a mandate letter for a $2.5 billion five-year term loan and revolving facility.

Interest will be Libor plus 275 basis points, and the new loans will replace the facility due June 30, 2014, according to a separate company press release.

The facilities consist of a $1 billion 24-month term loan facility and a $1.5 billion 59-month revolver.

Proceeds will be used to support the company's extensive capital program and for general corporate purposes, according to a company press release.

Standard Chartered Bank and BNP Paribas are the initial mandated lead arrangers and underwriters.

First Quantum is an international mining company based in Vancouver, B.C.

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