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First Quantum Minerals (TSX: FM) has announced a cash tender offer to purchase up to $500 million of its outstanding 6.875% Senior Notes due 2027, with potential increase to $750 million. Holders who tender by March 4, 2025 (Early Tender Time) will receive $1,012.00 per $1,000 principal amount, including a $50 Early Tender Premium. Those tendering after Early Tender Time but before March 19, 2025 (Expiration Time) will receive $962.00 per $1,000.
The offer is contingent on the company's concurrent offering of new senior unsecured notes, with proceeds intended to fund both a $250 million repayment of the revolving credit facility and the tender offer. Early settlement is expected two business days after Early Tender Time, with final settlement two business days after Expiration Time.