New Issue: First Quantum Minerals prices upsized $850 million 7¼% eight-year notes at par

By Paul A. Harris

Portland, Ore., May 8 - First Quantum Minerals Ltd. priced an upsized $850 million offering of eight-year senior notes (B1//BB) at par to yield 7¼% on Thursday, a syndicate source said.

The deal was upsized from $650 million.

The yield printed at the wide end of the 7% to 7¼% yield talk.

Global coordinator Credit Suisse Securities (USA) LLC will bill and deliver. BNP Paribas and Jefferies LLC were also global coordinators.

The Vancouver, B.C.-based copper producer plans to use the proceeds to repay bank debt.

Issuer:	First Quantum Minerals Ltd.
Amount:	$850 million, increased from $650 million
Maturity:	May 15, 2022
Securities:	Senior notes
Global coordinators:	Credit Suisse (bill and deliver), BNP Paribas, Jefferies LLC
Bookrunners:	Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Standard Chartered Bank
Co-managers:	Credit Agricole CIB, ING, SG CIB
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Spread:	491 bps
First call:	May 15, 2017 at 105.438
Equity clawback:	35% at 107.25 until May 15, 2017
Trade date:	May 8
Settlement date:	May 13
Ratings:	Moody's: B1
	Fitch: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	7% to 7¼%

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