Business
First Quantum Announces Refinancing with Improved Financial Covenants and Amortization Schedule
First Quantum Announces Refinancing with Improved Financial Covenants and Amortization Sch...
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\n\n\n\nFirst Quantum Announces Refinancing with Improved Financial Covenants and Amortization Schedule\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Oct. 20, 2017\n\n\n\n(In United States dollars, except where noted otherwise)\n\n\n\nTORONTO, Oct. 20, 2017 /CNW/ - First Quantum Minerals Ltd. (\"First Quantum\" or the \"Company\", TSX Symbol \"FM\") today announced that it has signed a new Term Loan and Revolving Credit Facility (the \"Facility\") with its core relationship banks. This new Facility replaces the existing $1.875 billion facility. The new $2.2 billion Facility comprises 17 banks and was increased from a launch amount of $2.0 billion following significant demand in the bank market. It comprises a $700 million Term Loan Facility, and a $1.5 billion Revolving Credit Facility, maturing on December 31, 2020 with an option to extend for a further two years where certain conditions are met. The new Facility includes revised financial covenants, an extended amortization schedule that starts in December 2019, improves the financial flexibility of the Company through the added liquidity and is timed to better match the Cobre Panama commissioning and ramp up schedule. \n\n\n \n \n\n \nUnder the new Facility, the current Net Debt to EBITDA covenant ratio of 5.0x will now be maintained until Q2 2018. The ratio will then reduce to 4.75x until Q2 2019, then to 4.5x until Q4 2019 and to 4.0x to Q2 2020, when it will reduce to 3.5x. \n\nBNP Paribas and Societe Generale acted as Bookrunners on the Facility.\n\nOn Behalf of the Board of Directors of First Quantum Minerals Ltd.G. Clive NewallPresident\n\nFor further information visit our website at www.first-quantum.com\n\nCAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION\n\nCertain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking stateme...