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This page was last updated on October 22, 2024

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 22-Feb-2024 B B Rating Watch Negative Read announcement
S&P Global Ratings 8-Mar-2024 B B Outlook 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 Outstanding as at September 30, 2024 Coupon Type Coupon Rate % CUSIP ISIN
2027 Senior Note 15-Oct-27 USD 1,500m 1,500m Fixed 6.875 C3535C AM0 (Reg S)
335934 AT2 (Rule 144A)		 USC3535CAM04 (Reg S)
US335934AT24 (Rule 144A)
2029 Second Lien Note 01-Mar-29 USD 1,600m 1,600m Fixed 9.375 C3535CAQ1 (Reg S)
335934AV7 (Rule 144A)		 USC3535CAQ18 (Reg S)
US335934AV79 (Rule 144A)
2031 Senior Note 01-Jun-31 USD 1,300m 1,300m Fixed 8.625 C3535CAP3 (Reg S)
335934AU9 (Rule 144A)		 USC3535CAP35 (Reg S)
US335934AU96 (Rule 144A)



4,400m 4,400m



Pro-forma debt maturity profile as at 22nd October 2024

 

¹Liquidity includes $830 million in undrawn RCF (Revolving Credit Facility) expiring in 2027, as at end 30 September 2024.

²On October 15, 2024, FQM Trident signed a $425 million unsecured term loan facility with a maturity date of September 2028 to replace the previous Trident facility, scheduled to mature in December 2025. Repayments on the FQM Trident Facility commence in March2026 and are due every 6 months thereafter.

Other Committed Financing as at September 30, 2024

Name Borrower Type Repayment Committed Amount ($m) Maturity Rate Covenant Links
Secured Term Loan First Quantum Minerals Limited Term Loan Amended and extended in Q1-2024. Semi annual scheduled repayments recommence Jun-2025. Final repayment on maturity 932 Apr-27 Margin plus SOFR Leverage and liquidity covenants tested on a quarterly basis Go to Link
Secured Revolving Credit Facility First Quantum Minerals Limited Revolving Credit Facility Due at maturity 1,300 Apr-27 Margin plus SOFR Leverage and liquidity covenants tested on a quarterly basis Go to Link
Unsecured FQM Trident Facility FQM Trident Limited Term Loan Amended repayment schedule with amortization beginning in March 2026 and a maturity of September 2028 425 Sep-28 Margin plus SOFR Similar covenant requirements as Corporate Facility

Other Uncommitted Financing as at September 30, 2024

Name Description
Trade Finance Agreements The Company’s metal marketing division has six uncommitted borrowing facilities totalling $476 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.