First Quantum offers sweetener to holders who convert 6% convertibles

By Angela McDaniels

Tacoma, Wash., July 27 - First Quantum Minerals Ltd. is offering a cash incentive payment to holders of its $500 million 6% convertible bonds due 2014 who convert their bonds, according to a company news release.

For each $100,000 principal amount of bonds, the company is offering an $8,088.91 cash incentive payment and a $1,410.68 conversion price adjustment payment.

The acceptance period for the offer began July 27 and will end at 12:30 p.m. ET on July 28.

The conversion price is $55.82. The company's stock closed at $148.78 (Pink Sheets: FQVLF) on July 26.

If at least 85% of the original principal amount of the bonds has been converted following the incentive invitation, the company plans to redeem the bonds that remain outstanding.

Nomura International plc is acting as the manager for the incentive invitation.

First Quantum is a metals and mining company based in Vancouver, B.C.

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