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First Quantum ups notes offer to US$1.85B from US$1.5B

First Quantum Minerals Ltd. on Feb. 20 increased the offering amount of its senior notes due 2024 and 2026 to US$1.85 billion from US$1.5 billion previously.

The offering will include US$850 million of senior notes due 2024, which will accrue interest at 6.5% per annum, and US$1 billion of senior notes due 2026, which will accrue interest at 6.875% per annum.

The proceeds will be used to repay amounts drawn under the copper miner's US$2.2 billion revolving credit facility it secured in October 2017.

The repayment will provide the company with enough liquidity to fund its share of remaining CapEx for the Cobre Panama copper project in Panama.

As a result of the offering, First Quantum is no longer pursuing the US$2.25 billion project finance facility for the Cobre Panama copper project.

Settlement is expected Feb. 27.