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This page was last updated on July 26th, 2022

Credit Rating

First Quantum Minerals have solicited credit ratings by Fitch Ratings and S&P Global Ratings. The following table shows the most recent credit rating updates:

Rating Agency Date Senior Unsecured Outlook Rating Long-term Issuer Default Rating Outlook Link to Ratings Announcement
Fitch Ratings 25-Feb-2022 B+ B+ Positive Read announcement
S&P Global Ratings 22-Feb-2022 B+ B+ Stable Read announcement

Debt Management

First Quantum Minerals uses a variety of debt instruments for its financing requirements. These include bonds, revolving credit facilities, term loans and trade finance.

Net Debt Evolution

Net Debt Evolution Graph

Senior Unsecured Bond Portfolio

(First Quantum Minerals LTD is the Issuer of all bonds)

Issue Description Maturity Date Currency Original Amount Bond Tap Outstanding as at July 26th, 2022 Coupon Type Coupon Rate % Rating Code CUSIP/ISIN Link to Indenture
2024 Senior Note 01-Mar-24 USD 850m 850m Fixed 6.500 B+ 335934 AP0 - CUSIP / C3535C AH1 - ISIN Go to Link
2025 Senior Note 01-Apr-25 USD 1,100m 250m 1,350m Fixed 7.500 B+ 335934AL9 - CUSIP / C3535CAG - ISIN Go to Link
2026 Senior Note 01-Mar-26 USD 1,000m 1,000m Fixed 6.875 B+ 335934 AR6 - CUSIP / C3535C AJ7 - ISIN Go to Link
2027 Senior Note 15-Oct-27 USD 1,500m 1,500m Fixed 6.875 B+ 335934 AT2—CUSIP / C3535C AM0 - ISIN Go to Link
4,450m 250m 4,700m

Debt Maturity Profile as at June 30th, 2022

Debt Maturity Profile Graph

Funding available up to $1.3 billion in Revolving Credit Facility expiring 2025, with $700 million drawn as of June 30th, 2022. This is not included in the maturity graph above.

Other Committed Financing

Name Borrower Type Repayment Committed Amount ($m) Maturity Rate Covenant Links
Secured Term Loan First Quantum Minerals Limited Term Loan Semi-annual scheduled repayments, commencing Dec-2022. Final repayment on maturity 1,625 Sep-25 Margin plus Libor Single leverage covenant tested on a semiannual basis, not to exceed 3.5x Go to Link
Secured Revolving Credit Facility First Quantum Minerals Limited Revolving Credit Facility Due at maturity 1,300 Sep-25 Margin plus Libor Single leverage covenant tested on a semiannual basis, not to exceed 3.5x Go to Link
Unsecured FQM Trident Facility (the “Kalumbila Facility”) FQM Trident Limited Term Loan Semi-annual scheduled repayments. Final repayment on maturity 28 Dec-22 Margin plus Libor Same covenant requirements as Corporate Facility

Other Uncommitted Financing

Name Description
Trade Finance Agreements The Company’s metal marketing division has six uncommitted borrowing facilities totalling $580 million. The facilities are used to finance purchases and the term hedging of copper, gold and other metals, undertaken by the metal marketing division. Interest on the facilities is calculated at the bank’s benchmark rate plus a margin. The loans are collateralized by physical inventories.