Fortescue Metals Group
(ASX:FMG) has announced it has issued a US$1.0 billion repayment notice for a 2019 term loan.
The repayment will result in an annual interest savings of approximately US$38 million.
The repayment is a continuation of Fortescue’s debt repayment strategy and further lowers the business’s total cost position.
Following the repayment, the company’s nearest debt maturity is in June 2019 and is now less than US$2.0 billion.
Fortescue Metals Group reported a net profit of $1.33 billion at 30 June 2016.
