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(Kitco News) - First Quantum Minerals (TSX: FM), a major global copper producer, today announced that it is launching an offering of $1,000 million aggregate principal amount of senior notes due 2031.
First Quantum said the notes will be senior unsecured obligations of the company and will be guaranteed by certain of the company's subsidiaries, adding that interest on the notes will accrue from the issue date and will be payable semi-annually.
The interest rate and offering price of the notes along with certain other terms will be determined at the time of pricing of the offering, subject to market conditions, it noted in a news release.
The company pointed out it intends to apply the gross proceeds from the sale of the notes towards the repayment of $750 million aggregate principal amount under the company’s existing revolving credit facility and the redemption of $250 million aggregate principal amount of the company’s outstanding senior notes due 2025.
First Quantum is a global copper company. The company produces copper in the form of concentrate, cathode and anode, and has inventories of nickel, gold and cobalt. First Quantum operates long life mines in several countries and employs approximately 20,000 people world-wide.
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