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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.
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