First Quantum Minerals upsizes five-year loan, revolver to $3 billion

By Susanna Moon

Chicago, May 5 - First Quantum Minerals Ltd. said it upsized its five-year term loan and revolving facility by $500 million to $3 billion due to oversubscribed syndication demand.

The facilities will now consist of a $1.2 billion term loan that may be drawn until April 8, 2016 and a $1.8 billion revolving credit facility that may be drawn until March 8, 2019, according to a company press release.

BNP Paribas and Standard Chartered Bank were the initial mandated lead arrangers and underwriters. ABSA Corporate and Investment Bank, Barclays Bank Zambia plc, Barclays Bank Mauritius Ltd., Credit Agricole Corporate and Investment Bank, HSBC Bank plc, ING Bank NV and Societe Generale were the mandated lead arrangers. Citibank NA, Export Development Canada, FirstRand Bank Limited, Natixis SA, Nedbank Ltd. were the lead arrangers. Credit Suisse AG, Deutsche Bank AG, JPMorgan Chase Bank, Royal Bank of Canada and Standard Bank of South Africa also joined the syndication as will Jefferies Finance LLC, the press release noted.

The company said on April 15 that it had signed and drawn down on its $2.5 billion five-year term loan and revolving facility, consisting of a $1 billion term loan and a $1.5 billion revolving credit facility.

Interest on the loans will be Libor plus 275 basis points.

The $2.5 billion facility was syndicated, with closing in 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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