PERTH (miningweekly.com) – Iron-ore major Fortescue Metals on Thursday announced a multibillion-dollar refinancing that would result in the majority of the company’s debt maturing beyond 2021.
The miner launched a new $2.5-billion senior secured debt issue, and offered holders of its 2017, 2018 and 2019 senior unsecured notes the opportunity to tender their notes for repurchase, subject to a cap on the 2019 notes.
The company also said that it intended to extend the maturity of its existing $4.9-billion senior secured credit facility.
“The refinancing will extend Fortescue’s debt maturity profile while maintaining flexibility and minimising interest costs. This initiative complements the great work done in reducing costs and improving productivity and efficiency across all of Fortescue’s operations,” said CEO Nev Power.