https://www.engineeringnews.co.za

First Quantum inks, draws down $2.5bn loan

Kanshanshi, Zambia.

Kanshanshi, Zambia.

Photo by First Quantum Minerals

15th April 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Base metals miner First Quantum Minerals on Tuesday reported that it had signed and drawn down on its $2.5-billion five-year term loan and revolving facility.

The facility consisted of a $1-billion term loan facility with a margin of 2.75%, available to April 8, 2016, and a $1.5-billion revolving credit facility with the same margin available until March 8, 2019.

The facilities were arranged and underwritten by Standard Chartered Bank and BNP Paribas.

First Quantum said that its $2.5-billion bridge facility with Standard Chartered Bank, which it arranged to acquire Inmet Mining Corporation had been cancelled.

"To have achieved this financing restructuring within 12 months of the acquisition of Inmet is a significant accomplishment. From the beginning, we recognised just combining the financing facilities of First Quantum and Inmet was not optimal for the larger, more diversified consolidated company.

“The new financing structure is cost efficient and flexible, providing the company with the financial resources to complete our major development programmes,” First Quantum chairperson and CE Philip Pascall said.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.064 0.689s - 140pq - 2rq
Subscribe Now