TIDMFQM
RNS Number : 6072Z
First Quantum Minerals Ld
27 May 2016
NEWS RELEASE
16-13 May 27, 2016
www.first-quantum.com
=======================
First Quantum Announces REFINANCING WITH IMPROVED FINANCIAL
COVENANTS AND AMORTIZATION SCHEDULE
(In United States dollars, except where noted otherwise)
First Quantum Minerals Ltd. ("First Quantum" or the "Company",
TSX Symbol "FM", LSE Symbol "FQM") today announced that it has
completed a new Term Loan and Revolving Credit Facility (the
"Facility") with its core relationship banks. This new Facility
replaces the existing $3 billion facility. The new $1.815 billion
Facility comprises a $907.5 million Term Loan Facility, and a
$907.5 million Revolving Credit Facility, maturing in December
2019. The new Facility includes revised financial covenants and an
extended amortization schedule that only starts in June 2017, which
combined with the receipt of the Kevitsa asset sale proceeds,
improves the financial flexibility of the Company without reducing
liquidity, while further reducing net debt.
The Facility will leave the Company with approximately the same
liquidity within the next 12 months, when compared to the existing
$3 billion facility. Under the new Facility, the current Net Debt
to EBITDA covenant ratio of 5.5x will now be maintained until Q3
2017. The ratio will then reduce to 5.0x until Q1 2018, then to
4.5x until Q3 2018, and to 3.5x until 2019, when it will reduce to
3.25x timed to better match the Cobre Panama construction and
commissioning schedule.
The new Facility also incorporates an accordion feature to
enable it to be increased to up to $2.2 billion at the Company's
discretion. This feature provides added flexibility for the
Company.
"This refinancing, along with the asset sales and project
financing initiative, ensures continued financial flexibility for
the Company moving forward, reduces net debt but not liquidity,
allowing us to focus on our operational and developmental goals,
while protecting against short term volatility in the commodities
markets," stated Philip Pascall, Chairman and CEO of First Quantum,
"We thank our banks for their continued strong support for our
strategy".
The Initial Mandated Lead Arrangers are BNP Paribas, Barclays
Africa Group, Societe Generale London Branch and Standard Chartered
Bank.
On Behalf of the Board of Directors 12g3-2b-82-4461
of First Quantum Minerals Ltd. Listed in Standard and Poor's
G. Clive Newall
President
For further information visit our web site at
www.first-quantum.com
North American contact: Sharon Loung, Director, Investor
Relations
Tel: (647) 346-3934 Fax: (604) 688-3818 Toll Free: 1 (888)
688-6577 E-Mail: sharon.loung@fqml.com
United Kingdom contact: Clive Newall, President
Tel: +44 140 327 3484 Fax: +44 140 327 3494 E-Mail:
clive.newall@fqml.com
Cautionary statement on forward-looking information
Certain 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 statements include
estimates, forecasts and statements as to the Company's
expectations of future financing requirements, which will depend,
in part, on production and sales volumes, information with respect
to the future price of copper, gold, cobalt, nickel, zinc, pyrite,
PGE, and sulphuric acid, estimated mineral reserves and mineral
resources, estimated future expenses, exploration and development
capital requirements, the Company's hedging policy, and goals and
strategies. Often, but not always, forward-looking statements or
information can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate" or "believes" or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about continuing
production at all operating facilities, the price of copper, gold,
nickel, zinc, pyrite, PGE, cobalt and sulphuric acid, anticipated
costs and expenditures and the ability to achieve the Company's
goals. Forward-looking statements and information by their nature
are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements or
information.
See the Company's Annual Information Form for additional
information on risks, uncertainties and other factors relating to
the forward-looking statements and information. Although the
Company has attempted to identify factors that would cause actual
actions, events or results to differ materially from those
disclosed in the forward-looking statements or information, there
may be other factors that cause actual results, performances,
achievements or events not to be anticipated, estimated or
intended. Also, many of these factors are beyond First Quantum's
control. Accordingly, readers should not place undue reliance on
forward-looking statements or information. 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. All forward-looking
statements and information made herein are qualified by this
cautionary statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCQDLFLQEFXBBX
(END) Dow Jones Newswires
May 31, 2016 02:00 ET (06:00 GMT)
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