First Quantum Minerals announced the signing of a mandate letter for a $2.5 billion, five-year term term loan and revolver. Standard Chartered Bank and BNP Paribas acted as mandated lead arrangers and underwriters.
The facilities comprise of a $1 billion term loan facility available to draw for a period of 24 months from the date of signing of the facilities agreement with a margin of 2.75% and a $1.5 billion revolving credit facility available to draw for a period of 59 months from the date of signing of the facilities agreement with a margin of 2.75% per annum. All outstanding loans must be repaid on the date five years from the date of signing of the facilities agreement. The underwriting contained in the mandate letter is subject to the negotiation and execution of the agreement and related documentation based on the terms and conditions of the agreed term sheet.
The facilities will be used to support the company’s extensive capital program and for general corporate purposes.
First Quantum Minerals Ltd. is a mining and metals company operating seven mines and developing five projects worldwide in Canada, the UK, Australia and South Africa.