Fortescue Metals Group Limited
(ASX:FMG) has declined to pursue a previously announced $US2.5 billion Senior Secured Note offering and refinancing.
Fortescue says that it received significant investor interest and the required investment grade ratings. However volatility in US credit markets resulted in unfavourable terms and conditions and higher costs so the company chose not to go ahead.
Fortescue says it has no debt maturing till April 2017 and has the capabilities to refinance debt well in advance of maturity.
Fortescue reported a first half net profit of $403.6 million for the six months to the end of December 2014.
