First Quantum Minerals’s $750 Million Senior Notes Offering

Vinson & Elkins represented First Quantum Minerals Ltd. in connection with its Rule 144A/Regulation S offering of additional $500 million aggregate principal amount of 7.25% senior notes due 2023 and additional $250 million 7.50% senior notes due 2025.

The Notes were issued on January 13, 2020 and the Issuer intends to use the net proceeds from the sale of the Notes to redeem in full its existing $300 million aggregate principal amount of 7.00% senior notes due 2021 and to repay $450 million of amounts outstanding (but not cancel commitments) under its existing revolving credit facility. The initial purchasers of the Notes were J.P. Morgan, Goldman Sachs & Co. LLC, Absa, BNP Paribas, ING, Société Générale and Standard Chartered Bank.

First Quantum Minerals is a TSX-listed mining and metals company whose principal activities include mineral exploration, development and mining, primarily of copper, gold, nickel and zinc.

The V&E team was led by partner Noel Hughes (Picture) with assistance from partner Federico Fruhbeck, counsel Cason Moore, senior associate Matthew Lowe and associates Anthony Sanderson, Chris Hesford and Antonia George. Partner Wendy Salinas provided tax advice.

Involved fees earner: Anthony Sanderson – Sidley Austin LLP; Federico Fruhbeck – Vinson & Elkins LLP; Antonia George – Vinson & Elkins LLP; Christopher Hesford – Vinson & Elkins LLP; Noel Hughes – Vinson & Elkins LLP; Matthew Lowe – Vinson & Elkins LLP; Cason Moore – Vinson & Elkins LLP; Wendy Trahan Salinas – Vinson & Elkins LLP;

Law Firms: Sidley Austin LLP; Vinson & Elkins LLP;

Clients: First Quantum Minerals Ltd. ;

Author: Ambrogio Visconti