Fortescue Metals Group Limited
(ASX:FMG) has unveiled a $US2.5 billion senior secured notes issue.
The iron ore miner also intends to extend its existing $US4.9 billion senior secured credit facility, resulting in the majority of its debt maturing beyond mid 2021.
CEO Nev Power believes the refinancing will extend its debt maturity profile while maintaining flexibility and minimising interest cost.
Mr Power says the initiative complements the company’s work in reducing costs and improving productivity and efficiency.
Fortescue Metals Group’s net profit sank 81 per cent to $403.5 million in the first half of the 2015 financial year.
