Fortescue Metals to repay $700 million of term loan borrowings

By Sara Rosenberg

New York, Sept. 13 – Fortescue Metals Group issued a $700 million repayment notice for its 2019 senior secured term loan, according to a news release.

The repayment will be made at par on Friday.

“This $700 million repayment adds to the $2.9 billion which we repaid in FY16 and further reduces our all-in cost base. We will continue to apply our free cash flow to repay debt, lowering our gearing and strengthening our balance sheet,” said Stephen Pearce, chief financial officer, in the release.

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

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