FIRST QUANTUM ANNOUNCES $1,000 MILLION EQUITY BOUGHT DEAL OFFERING AS PART OF COMPREHENSIVE REFINANCING
(In United States dollars, except "C$" for Canadian dollars where noted)
The Company has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 18,252,000 Common Shares (representing 15% of the number of Common Shares purchased pursuant to the Offering), at the Offering Price (the "Over-Allotment Option").
The Company intends to use the net proceeds of the Offering to repay certain indebtedness, enhance the Company's liquidity profile, and for general corporate purposes.
The Offering is part of First Quantum's comprehensive refinancing and balance sheet strengthening initiatives which include:
-
$500 million copper prepayment agreement (announced yesterday and detailed in the Company's fourth quarter and year-end 2023 results) - The amendment and extension of its
$2.2 billion corporate bank facilities that revises the leverage covenant and extends the maturity profile toApril 2027 -
$1,000 million equity bought deal offering (this Offering) -
$1,600 million senior secured second lien notes offering, also announced today,February 21, 2024
Closing of the Offering is expected to occur on or about
The Offering will be made in each of the provinces and territories of
The Common Shares have not been, and will not be, registered under the
The Prospectus Supplement will be filed on SEDAR+ at www.sedarplus.ca on or before
This news release should be read in conjunction with the News Release dated
The Company will host a recorded webcast including a presentation and prepared remarks from the executive team. It can be accessed after
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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. The forward-looking statements and forward-looking information in this news release include the expected timing of closing of the Offering, the expected uses of proceeds of the Offering. 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 the satisfaction of the conditions to the Underwriters' obligation to purchase the Offered Shares 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. These factors include, but are not limited to, events generally impacting global economic, financial, political and social stability.
See the Company's Annual Information Form and other documents filed with the securities regulators or similar authorities in
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