Fortescue Metals to repay $500 million of term loan borrowings

By Sara Rosenberg

New York, June 23 – Fortescue Metals Group issued a $500 million repayment notice for its 2019 senior secured term loan, according to a news release.

The repayment will be made at par from accumulated cash on Tuesday.

“Cash flow generation from our operational performance and cost reductions have allowed Fortescue to continue to repay debt. This bring total FY16 debt repayments to $2.9 billion, reducing annual interest expense by $186 million,” said Stephen Pearce, chief financial officer, in the release.

Fortescue is a Perth, Australia-based producer of iron ore.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.