First Quantum Minerals Announces Pricing Of $1,600 Million Senior Secured Second Lien Notes Offering

(In United States dollars, except where noted otherwise)

TORONTO, Feb. 22, 2024 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) announces that it has successfully completed the pricing of its offering (the “Offering”) of $1,600 million aggregate principal amount of 9.375% senior secured second lien due 2029 (the “Notes”). The issue price of the Notes is 100.000%.

Interest on the Notes will accrue from the issue date at a rate of 9.375% per annum and will be payable semiannually. Settlement is expected to take place on or about February 29, 2024, subject to customary conditions precedent for similar transactions. The Notes will be senior obligations of the Company and will rank equally in right of payment with all of the Company’s existing and future senior debt and senior in right of payment to all of the Company’s existing and future subordinated debt. The Notes will be guaranteed, jointly and severally, on a senior basis by the guarantors (the “Guarantors”) described in the offering memorandum for the Offering (the “Guarantees”). The Guarantees will rank equally in right of payment to all existing and future senior debt of the Guarantors. The obligations of the Company under the Notes and the Guarantors under the Guarantees will be secured on a second-priority basis by a lien on all of the Company’s and the Guarantors’ assets that secure the Company’s and the Guarantors’ obligations under certain of the Company’s credit facilities as described in the offering memorandum relating to the Offering.

The Company intends to apply the net proceeds from the Offering towards the redemption of all of its outstanding senior notes due 2025 and 2026.

For further information, visit our website at www.first-quantum.com or contact:
Bonita To, Director, Investor Relations
Tel: [phone]
Toll-free: 1 [phone]
E-Mail: [e-mail]

IMPORTANT DISCLAIMER

The information in this announcement does not constitute a notice of redemption or the solicitation to purchase any securities of the Company, or an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they are registered or are exempt from the registration of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Notes will not be registered under the U.S. Securities Act, or the securities laws of any state of the U.S. or other jurisdictions and the Notes will not be offered or sold within the U.S. or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S of the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and the applicable laws of other jurisdictions. The Company does not intend to conduct a public offering in the United States or any other jurisdiction. It may be unlawful to distribute this announcement in certain jurisdictions.