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First Quantum completes exchange, solicitation for 8¾%, 7½% notes
By Jennifer Chiou
New York, Feb. 27 - First Quantum Minerals Ltd. announced the close of its exchange offer for the 8¾% senior notes due 2020 and 7½% senior notes due 2021 issued by Inmet Mining Corp., now FQM (Akubra) Inc., or Akubra, at 11:59 p.m. ET on Feb. 24.
All in all, holders of $1,459,288,000, or 97.9%, of the 8¾% notes and $498,998,000, or 99.8%, of the 7½% notes tendered their securities for exchange.
At the early tender deadline of 11:59 p.m. ET on Feb. 7, holders had tendered $1,449,304,000, or 97.3%, of the 8¾% notes and $498,813,000, or 99.8%, of the 7½% notes.
As reported, the company issued $1,114,947,000 principal amount of new 6¾% senior notes due 2020 and $1,114,947,000 principal amount of new 7% senior notes due 2021 to noteholders who participated in its exchange offer prior to the early tender date.
For notes tendered for exchange after Feb. 7, the company issued an additional $5,551,000 of 6¾% notes and $5,551,000 of additional new 7% notes.
Akubra previously received enough consents to approve the proposed amendments to the note indentures and has executed supplemental indentures to the notes.
The amendments remove substantially all of the negative covenants and some events of default and provide a waiver of any past defaults and claims against FQM (Akubra) and the company.
The exchange offer began on Jan. 28.
Holders who tendered their notes had to consent to the amendments, and they could not deliver consents without tendering their notes.
The offer was part of the company's objective to achieve pari passu ranking and credit support among all classes of its capital markets debt, and it is part of the company's plan to streamline its capital and financing structure after the acquisition of Inmet Mining.
D.F. King & Co., Inc. (212 269-5550 or 800 769-7666) was the information agent for the exchange offer and consent solicitations.
First Quantum is a mining company based in Vancouver, B.C.
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