First Quantum Minerals amends leveraged covenant under bank facilities

By Jennifer Chiou

New York, March 19 – First Quantum Minerals Ltd. announced that the required threshold of syndicate banks agreed to requested changes to the net debt to EBITDA covenant under its C$3 billion facility and the C$350 million Kansanshi facility.

According to a filing with the London Stock Exchange, the changes to the covenant were requested due to the expected effects that the new Zambian tax and royalty regime and the recent significant fall in commodity prices will have on the company’s EBITDA.

First Quantum noted that it remains compliant with all finance covenants under the facility agreement and expects to remain compliant at the next covenant test date of March 31.

The borrower is a Vancouver, B.C.-based copper producer.

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