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FMG Resources negotiating $500 million unsecured revolver with banks
By Sara Rosenberg
New York, May 18 - FMG Resources Pty Ltd. (Fortescue) disclosed in a news release that it is negotiating a $500 million three-year revolver with a syndicate of banks.
As was previously reported, the company is also planning on getting a $1 billion six-year term loan that is being launched with a bank meeting on Monday at noon ET at the Barclay Intercontinental in New York.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and RBS Securities Inc. are the joint bookrunners on the $1.5 billion senior unsecured credit facility (B1/B+).
Proceeds will be used to help fund the $8.4 billion expansion to 155Mtpa and for liquidity and general corporate purposes.
Closing is expected by early June.
FMG Resources is an Australian-based iron ore mining company.
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