{"id":1098647,"date":"2019-02-07T16:22:52","date_gmt":"2019-02-07T16:22:52","guid":{"rendered":"http:\/\/www.mining.com\/?p=968832"},"modified":"2019-02-07T16:22:52","modified_gmt":"2019-02-07T16:22:52","slug":"first-quantum-shares-jump-on-refinancing","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1098647","title":{"rendered":"First Quantum shares jump on refinancing"},"content":{"rendered":"<p>Shares in Canada\u2019s First Quantum Minerals (TSX:FM)\u00a0were up 2.5% after announcing that it has <a href=\"https:\/\/www.first-quantum.com\/Media-Centre\/Press-Releases\/Press-Release-Details\/2019\/First-Quantum-Announces-Refinancing-with-Improved-Financial-Covenants-and-Extended-Repayment-Schedule\/default.aspx\"  rel=\"noopener\">signed a new $2.7-billion term loan<\/a> and revolving credit facility, replacing the existing $1.5 billion one.<\/p>\n<p>Underwritten by three core relationship banks, the loan can be increased to up to $3 billion before the end of year, the Vancouver-based miner said. It comprises a $1.5-billion term-loan facility and a $1.2-billion revolving credit facility maturing on Dec. 31, 2022.<\/p>\n<p>The refinancing extends the debt maturity profile of the\u00a0business, eliminating all material debt maturities through to 2022. In addition, it provides liquidity headroom under the revolving credit facilities.<\/p>\n<p><q class='pullQuote-right'>$2.7-billion term loan and revolving credit facility can be increased to up to $3 billion before the end of year.<\/q><\/p>\n<p>Earlier this week, First Quantum <a href=\"http:\/\/www.mining.com\/web\/first-quantum-said-offer-700m-zambia-mine\/\"  rel=\"noopener\">grabbed headlines<\/a> on rumours it had offered to buy the Zambian government\u2019s 20% in Kansanshi, Africa\u2019s No.1 copper mine, for as much as $700 million.<\/p>\n<p>The company already owns 80% of the mine with state-owned ZCCM Investments Holdings Plc holding the rest.<\/p>\n<p>The operation is First Quantum\u2019s biggest mine, and accounted for more than half the company\u2019s revenue in 2017.<\/p>\n<p>Last month, the miner <a href=\"http:\/\/www.mining.com\/first-quantum-calls-off-massive-job-cuts-zambia\/\"  rel=\"noopener\">scrapped plans to lay off 2,500 workers<\/a> in the southern African country over an increase in mining taxes, and has committed to extend talks with the nation\u2019s government over the issue.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/first-quantum-shares-jump-refinancing\/\">First Quantum shares jump on refinancing<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Company has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/first-quantum-shares-jump-refinancing\/\">First Quantum shares jump on refinancing<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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