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News Mar 22, 2017

Shearman & Sterling Represents Underwriters in First Quantum Minerals’ $2.2 Billion High Yield Notes Offering and Dealer Managers on $1.5 Billion Tender Offers

Shearman & Sterling represented Barclays, BNP PARIBAS, J.P. Morgan, Citigroup, Crédit Agricole CIB, Credit Suisse, ING, RBC Capital Markets, Société Générale, Standard Chartered Bank, Natixis, Nedbank Limited and Rand Merchant Bank, as initial purchasers, in connection with the issuance and sale by First Quantum Minerals Ltd. of $1.1 billion aggregate principal amount of 7.25% senior notes due 2023 and $1.1 billion aggregate principal amount of 7.50% senior notes due 2025. Concurrent with the notes offering, Shearman & Sterling represented Barclays, BNP Paribas and J.P. Morgan in connection with First Quantum’s offers to purchase its outstanding $350 million senior notes due 2019 and $1.1 billion senior notes due 2020.

First Quantum intends to use all of the proceeds from the notes offering (i) to purchase the notes in the tender offers, (ii) to redeem all of the notes not purchased in the tender offers, (iii) to redeem certain other outstanding notes, (iv) to fully repay (without cancelling) First Quantum's revolving credit facility, (v) to repay a portion of First Quantum’s term loan facility, (vi) for general corporate purposes and (vii) to pay fees associated with the notes offering and the tender offers. The notes offering and the tender offers, which were conducted pursuant to Rule 144A and Regulation S under the US Securities Act, both closed on March 22, 2017.

First Quantum is a leading international mining and metals company engaged primarily in exploration, mine development and the production of copper, nickel, gold and zinc. The company possesses a global portfolio of mining assets located in Zambia, Panama, Argentina, Peru, Australia, Mauritania, Spain, Finland and Turkey. First Quantum is listed on the Toronto Stock Exchange.

The Shearman & Sterling team was led by partner Kristen Garry (Washington, D.C.-Tax); counsel Mehran Massih (London-Environmental); and associates Minkyu Park (London-Capital Markets), Kammy Lai (Washington D.C.-Tax), Theodora Dimitrova (London-Mergers & Acquisitions) and Ruba Noorali (London-Antitrust).