First Quantum Minerals Ltd. on Feb. 20 launched an offering of US$1.50 billion of senior notes due 2024 and 2026.
The proceeds will be used to repay amounts drawn under the copper miner's US$2.20 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.
S&P Global Ratings recently upgraded First Quantum's long-term issuer credit rating to B from B-, with a stable outlook, after the miner released its 2017 results.
The company's 2017 EBITDA stood at US$1.15 billion, in line with S&P's estimates and up 20% from year-ago figures, despite hedging deals limiting the company's upside from the recent copper price rally.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.