Extends Deadlines for Cash Purchase of Outstanding 2027 Senior Notes by First Quantum Minerals, Including Expiration, Guaranteed Delivery, and Settlement Dates
First Quantum Minerals Ltd. has announced an extension of the tender offer for its 6.875% Senior Notes due 2027. The initial tender offer, which was announced on August 6, 2025, had an expiration date of August 12, 2025, but has been extended to August 18, 2025.
The company commenced a cash tender offer to purchase any and all of the outstanding 6.875% Senior Notes due 2027. The tender offer consideration for each $1,000 principal amount tendered will be calculated based on a fixed spread plus the yield on a U.S. Treasury Reference Security as of a specific "Price Determination Date," plus accrued and unpaid interest up to but not including the settlement date.
Settlement for the tender offer is expected to take place around August 20, 2025, subject to customary closing conditions. The tender offer and refinancing are contingent upon the successful pricing, closing, and settlement of a new issuance of $1 billion aggregate principal amount of new 7.25% senior notes due 2034.
The proceeds from the new 2034 notes, along with cash on hand, will be used to fund the tender offer, refinance a portion of 9.375% senior secured second lien notes due 2029, and cover related fees and expenses.
First Quantum Minerals reserves the right to amend, extend, waive conditions, delay acceptance, or terminate the tender offer at its sole discretion, subject to applicable law and disclosure. This tender offer extension to August 18, 2025, is part of a strategic refinancing maneuver aiming to lower leverage and extend debt maturities, while managing the risks in a high-yield environment and uncertain macroeconomic conditions.
Copies of documents relating to the tender offer may be obtained from Kroll Issuer Services Limited, the Tender and Information Agent. J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., and Société Générale have been engaged as dealer managers for the tender offer.
Holders who validly tender and do not validly withdraw their Notes will receive accrued and unpaid interest up to, but not including, the Settlement Date. Upon completion of the tender offer, the Notes accepted for purchase will be canceled.
For investor relations, contact Bonita To at (416) 361-6400 or email [email protected]. For media relations, contact James Devas at 44 207 291 6630 or email [email protected].
The Tender Offer is not intended to be conducted as a public offering in the United States or any other jurisdiction. The New 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. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law.
[1] First Quantum Minerals Ltd. Press Release, August 6, 2025. [2] First Quantum Minerals Ltd. Press Release, August 10, 2025. [3] First Quantum Minerals Ltd. Press Release, August 12, 2025. [4] First Quantum Minerals Ltd. Press Release, August 14, 2025. [5] First Quantum Minerals Ltd. Press Release, August 16, 2025.
The tender offer extension by First Quantum Minerals Ltd. is part of a strategic move in the business and finance industry, aimed at lowering leverage and extending debt maturities. This move is designed to manage risks in a high-yield environment and uncertain macroeconomic conditions. Additionally, the company is focusing on investing in new 7.25% senior notes due 2034 to fund the tender offer and other financial commitments.
