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Fortescue Resources to launch $4.95 billion term loan on Wednesday
By Sara Rosenberg
New York, Oct. 29 - Fortescue Resources is scheduled to hold a conference call at 10 a.m. ET on Wednesday to launch a $4.95 billion senior secured covenant-light five-year term loan, according to a market source.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead banks on the deal.
Price talk on the term loan is Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 993/4, the source said.
The term loan has 101 soft call protection for one year.
Proceeds will be used to refinance an existing term loan due October 2017 that is priced at Libor plus 425 bps with a 1% Libor floor.
Commitments are due on Nov. 6, the source added.
Fortescue is an East Perth, Australia-based iron ore producer.
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