Vancouver's First Quantum Minerals Ltd. (TSX:FM) has raised US$500 million in a convertible bond offering to U.K. shareholders.
According to the company, the offering's net proceeds will be used to strengthen its balance sheet and give First Quantum the option to repay or renegotiate its shorter-term debt. Funds will also be used for possible acquisitions.
The company had offered 6% bonds due 2014 that can be converted into First Quantum's common shares.
Nomura International, Morgan Stanley and RBC Capital Markets were involved in the offering.
First Quantum's share price range during the past week: between $50.51 and $59.04; 52-week high: $75.95; 52-week low: $12.75.