Mayer Brown advises Standard Chartered Bank and BNP on US$3 billion loan facility to growing mining company
19 May 2014
London - Leading global law firm Mayer Brown has advised Standard Chartered Bank and BNP Paribas, on a five-year US$3 billion loan facility to Canadian-based First Quantum Minerals Limited, which has seven operating mines and five development projects around the world.
The facility comprises of a US$1.2 billion Term Loan Facility available to draw until April 8, 2016 and a US$1.8 billion Revolving Credit Facility available to draw until March 8, 2019.
Standard Chartered Bank and BNP Paribas were the Initial Mandated Lead Arrangers and Underwriters in the syndication, which also includes ABSA Corporate and Investment Bank, Barclays Bank Zambia PLC, Barclays Bank Mauritius Limited, Credit Agricole Corporate and Investment Bank, HSBC Bank PLC, ING Bank N.V., and Societe Generale joined as Mandated Lead Arrangers. Citibank N.A., Export Development Canada, FirstRand Bank Limited, Natixis SA., Nedbank Limited joined as Lead Arrangers. Credit Suisse AG, Deutsche Bank AG, J.P. Morgan Chase Bank, Royal Bank of Canada, and Standard Bank of South Africa also joined the syndication as will Jefferies Finance LLC.
The facility will be used by First Quantum Minerals to support the company's growth strategy.
As part of this arrangement Mayer Brown also acted for Standard Chartered Bank on a US$350 million facility to Zambia-based Kansanshi Minerals PLC - owner of Africa's largest copper mine - which is part of the First Quantum Group.
This deal involved working with 40 different First Quantum borrower companies across 14 jurisdictions, including Mauritania, Zambia, Finland, Peru, Turkey, Spain, Canada and Australia.
Banking & Finance partner Rachel Speight led the Mayer Brown team. She was assisted by senior associate Doye Balogun and associates Bushra Shabazz, Sarai Jacob and Mani Teherani.