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First Quantum Minerals inks $2.5 billion five-year term loan, revolver
By Susanna Moon
Chicago, April 15 - First Quantum Minerals Ltd. said it has signed and drawn down on its $2.5 billion five-year term loan and revolving facility.
The $2.5 billion facility consists of a $1 billion term loan that may be drawn until April 8, 2016 and a $1.5 billion revolving credit facility that may be drawn until March 8, 2019, according to a company press release.
Interest is Libor plus 275 basis points.
The initial lead arrangers and underwriters were Standard Chartered Bank and BNP Paribas.
The $2.5 billion facility is being syndicated, with closing set for May. The facility matures on April 8, 2019.
The new facility replaces the $2.5 billion bridge facility with Standard Chartered Bank, which was arranged for the Inmet Mining Corp. acquisition in April 2013.
The company also refinanced its $1 billion facility for Kansanshi Mining plc on April 3 with an unsecured $350 million facility from Standard Chartered Bank.
First Quantum is a mining company based in Vancouver, B.C.
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