Fortescue Metals Group Limited
(ASX:FMG) has launched a $US1.5 billion high-yield bond offering.
The iron ore miner says proceeds from the current issue will be used to redeem the 2017 senior unsecured notes and 2018 senior unsecured notes.
The announcement comes one month after the company ditched a $US2.5 billion senior secured note offering and refinancing due to volatility in US credit markets.
This week Fortescue suffered more ratings downgrades with the latest cut coming from Standard & Poor's as the company continues to battle a
declining iron ore price.
Fortescue Metals Group reported a net profit of $403.56 million in the first half of the 2015 financial year.
