Home  >  Investors  >  Fixed Income Investors

Fixed Income Investors

Home  >  Investors  >  Fixed Income Investors

This page was last updated on December 12, 2023

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 Ratings Announcement
Fitch Ratings 12-Dec-2023 B+ B+ Rating Watch Negative Read announcement
S&P Global Ratings 7-Dec-2023 B B CreditWatch Negative 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.

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 September 30, 2023 Coupon Type Coupon Rate % Rating Code CUSIP ISIN
2025 Senior Note 01-Apr-25 USD 1,100m 250m 1,050m Fixed 7.500 B+ C3535CAG (Reg S)
335934AL9 (Rule 144A)
USC3535CAG36 (Reg S)
US335934AL97 (Rule 144A)
2026 Senior Note 01-Mar-26 USD 1,000m
1,000m Fixed 6.875 B+ C3535C AJ7 (Reg S)
335934 AR6 (Rule 144A)
USC3535CAJ74 (Reg S)
US335934AR67 (Rule 144A)
2027 Senior Note 15-Oct-27 USD 1,500m
1,500m Fixed 6.875 B+ C3535C AM0 (Reg S)
335934 AT2 (Rule 144A)
USC3535CAM04 (Reg S)
US335934AT24 (Rule 144A)
2031 Senior Note 01-Jun-31 USD 1,300m   1,300m Fixed 8.625  B+ C3535CAP3 (Reg S)
335934AU9 (Rule 144A)
USC3535CAP35 (Reg S)
US335934AU96 (Rule 144A)



4,900m 250m 4,850m



Debt Maturity Profile as at September 30, 2023

 

Funding includes $1,300 million committed Revolving Credit Facility expiring in 2025, drawn $300 million as of September 30, 2023. 

Other Committed Financing as at September 30, 2023

Name Borrower Type Repayment Committed Amount ($m) Maturity Rate Covenant Links
Secured Term Loan First Quantum Minerals Limited Term Loan Semi-annual scheduled repayments, commenced Dec-2022. Final repayment on maturity 1,170 Sep-25 Margin plus SOFR 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 SOFR Single leverage covenant tested on a semiannual basis, not to exceed 3.5x Go to Link
Unsecured FQM Trident Facility FQM Trident Limited Term Loan Semi-annual scheduled repayments. Final repayment on maturity 425 Dec-25 Margin plus SOFR Same covenant requirements as Corporate Facility

Other Uncommitted Financing as at September 30, 2023

Name Description
Trade Finance Agreements The Company’s metal marketing division has seven uncommitted borrowing facilities totalling $780 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.