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TORONTO - First Quantum Minerals Ltd. (TSX:FM), a mining company with a market capitalization of $13.6 billion according to InvestingPro, announced Monday that holders tendered $714.6 million aggregate principal amount of its 6.875% Senior Notes due 2027 in its cash tender offer, representing approximately 95% of the outstanding notes.
The mining company will pay $1,003.79 for each $1,000 principal amount of notes validly tendered before the expiration date of August 18, 2025, plus accrued and unpaid interest. Settlement is expected to occur on August 21, 2025.
Following completion of the tender offer, approximately $35.4 million principal amount of the 2027 notes will remain outstanding, according to the company’s statement. The tender offer was part of First Quantum’s previously announced debt management initiative. InvestingPro data shows the company maintains a current ratio of 2.0 and carries total debt of $7.67 billion, with a Fair financial health rating.
The notes consideration was determined by reference to a fixed spread plus the reference yield of 4.263%, based on the bid-side price of the reference security quoted on August 18, 2025.
The tender offer included notes tendered through guaranteed delivery procedures, with $6.5 million of notes submitted through this method. These remain subject to holders completing the delivery requirements by August 20, 2025.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BMO Capital Markets Corp. and Société Générale served as dealer managers for the tender offer, which was announced on August 6, 2025.
First Quantum noted that with more than 90% of the aggregate principal amount tendered, it has the right to redeem all remaining outstanding notes at the same price offered in the tender offer, though no formal redemption notice has been issued.
The information was disclosed in a company press release. First Quantum’s stock has demonstrated strong momentum with a 31.5% return over the past year. For deeper insights into First Quantum’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, First Quantum Minerals Ltd. has made several announcements regarding its senior notes. The company has extended the deadline for its cash tender offer to purchase its outstanding 6.875% Senior Notes due 2027. This extension moves the price determination date to August 18, 2025, and the expiration date to the same day at 5:00 p.m. New York City time, with the settlement date now set for August 21, 2025. Additionally, First Quantum has priced a $1 billion offering of senior notes due 2034, which was increased from an initial $750 million. These notes will carry an interest rate of 7.25% per annum and are expected to settle around August 20, 2025. The company had initially launched a $750 million senior notes offering, which will be senior unsecured obligations guaranteed by certain subsidiaries. These developments reflect First Quantum’s recent financial maneuvers in the debt market.
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