Fortescue Metals completes $1.5 billion short-term credit facility

By Sara Rosenberg

New York, Aug. 6 - Fortescue Metals Group Ltd. closed on a $1.5 billion credit facility due Dec. 31, 2013, according to a news release.

Bank of America Merrill Lynch was the lead arranger on the deal.

The facility consists of a $750 million revolver and a $750 million term loan.

Proceeds will be used to the support the company's expansion to 155 mtpa, the release said.

Fortescue is an East Perth, Australia-based iron ore producer.

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