Extension of Cash Tender Offer Deadlines for First Quantum Minerals' 2027 Senior Notes
First Quantum Minerals Ltd., a leading global mining company, has announced an extension of its tender offer for its 6.875% Senior Notes due 2027. The new dates for the Price Determination, Expiration, Guaranteed Delivery, and Settlement are as follows:
- The Price Determination Date has been extended to 2:00 p.m., New York City time, on August 18, 2025.
- The Expiration Date for the tender offer is now 5:00 p.m., New York City time, on August 18, 2025.
- The Guaranteed Delivery Date is extended to 5:00 p.m., New York City time, on August 20, 2025.
- The expected Settlement Date is now August 21, 2025.
These extensions were announced following the upsizing and pricing of New Notes related to the offer, allowing additional time for holders to tender their notes and for the company to finalize the offer process.
The tender offer was originally set to expire on August 12, 2025, with earlier Price Determination, Guaranteed Delivery, and Settlement dates, but were extended as stated above.
The purpose of the tender offer is to acquire any and all of the aggregate principal amount of the outstanding Notes as part of a refinancing transaction. Upon completion of the Tender Offer, the Notes accepted for purchase will be canceled.
The Company has engaged J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp., and Société Générale to serve as dealer managers for the Tender Offer.
The Company does not intend to conduct a public offering in the United States or any other jurisdiction. However, 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, 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.
Investors with questions, requests for assistance, or requests for additional copies of the Offer to Purchase may direct them to the Tender and Information Agent or the Dealer Managers at their addresses set forth in this press release.
The proceeds of the New Notes are expected to be used, among other things, to purchase Notes pursuant to the Tender Offer and redeem Notes not tendered in 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.
The consideration for each $1,000 principal amount of Notes tendered prior to the extended Expiration Date and accepted for purchase will be calculated based on a fixed spread and the yield of a U.S. Treasury Reference Security.
A cautionary statement on forward-looking information is included, stating that certain information contained in this news release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities legislation.
It may be unlawful to distribute this press release in certain jurisdictions. A disclaimer states that none of the Company, the Dealer Managers, or the Tender and Information agent makes any recommendation as to whether or not Holders should tender their Notes or deliver consents or how much they should tender in connection with the Tender Offer.
For further information, please contact:
- Bonita To, Director, Investor Relations at (416) 361-6400, Toll-free: 1 (888) 688-6577, Email: [email protected]
- James Devas, Manager, Corporate Affairs at 44 207 291 6630, Email: [email protected] (Media Relations)
- 33 (0) 1 42 13 32 4 or +1 (855) 881-2108 (U.S. Toll Free) (Contact for Societe Generale for the Tender Offer)
[1] Original press release: [Link to original press release] [2] Press release announcing upsizing and pricing of New Notes: [Link to press release announcing upsizing and pricing of New Notes] [3] Press release announcing extension of tender offer dates: [Link to press release announcing extension of tender offer dates] [4] Press release announcing further extension of tender offer dates: [Link to press release announcing further extension of tender offer dates]
The extensions for the tender offer by First Quantum Minerals Ltd. have allowed for additional time in real-estate financing, as investors now have until August 18, 2025, to tender their notes. With the purpose of acquiring Notes as part of a refinancing transaction, this move in the industry could potentially lead to significant changes in the investing landscape.
