Ropes & Gray Advises the Initial Purchasers on the Largest Mining High Yield Deal of the Past Decade

Ropes & Gray has advised Goldman Sachs & Co. LLC, BNP Paribas, J.P. Morgan and the other initial purchasers on the offering of $1,600 million aggregate principal amount of senior secured second lien notes by First Quantum Minerals (FQM), one of the world’s top 10 copper producers.

The transaction, the largest mining high yield deal of the past ten years, is part of FQM’s comprehensive set of balance sheet strengthening initiatives which also includes, among other things, the amendment and extension of its corporate bank facilities and an offering of common shares. FQM intends to apply the net proceeds from the sale of the Notes towards the redemption of all of its outstanding senior unsecured notes due 2025 and 2026.

This landmark transaction continues to build on Ropes & Gray’s long-standing relationship with FQM and its investment banks in support of FQM’s debt capital markets activities.  The Ropes & Gray team was led by finance partner Michael Kazakevich, with counsel Luwam Mezue and associates Felipe Lima, Clara Melly, Matea Scepanovic, Alma Yasin and Lucrezia Sperzani (high yield) and finance partner Benoit Lavigne and associate Sean Darling advising on certain English law intercreditor matters, all based in London.  Additional advice on certain U.S. securities law matters was provided by U.S. capital markets partner Craig Marcus (Boston) and counsel Marc Rotter (New York).