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Prospect News home > News index > List of issuers F > Headlines for Fortescue Metals Group Finance Pty. Ltd. > News item |
Fortescue Metals sets Wednesday bank meeting for $4.5 billion loan
By Paul A. Harris
Portland, Ore., Oct. 1 - Fortescue Metals Group will hold a bank meeting on Wednesday for a $4.5 billion five-year covenant-light senior secured credit facility, according an informed source.
Credit Suisse and J.P. Morgan Securities LLC are the lead banks on the deal.
Proceeds will be used to refinance all of the company's existing bank debt and to provide additional liquidity.
The facility extends the earliest repayment date for any of the company's debt to November 2015 and removes financial maintenance covenants that applied under previous facilities, the release said.
Fortescue is an East Perth, Australia-based iron ore producer.
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