Fortescue Metals Group Ltd
(ASX:FMG) has announced that it has raised $US1.5 billion of senior unsecured notes, expected to settle on or around the 15 December.
The iron ore miner says it intends to use the proceeds to expand production to 155 million tonnes per annum at its Chichester and Solomon Hubs.
The $US1.5 billion raising is in two tranches. The first US$600 million tranche is at a rate of 6.375 per cent per annum at a term of five years. The second $US900 million tranche is at a rate of 6.875 per cent per annum at a term of seven years.
Fortescue Metals Group booked a net profit of $681.6 million in the year to 30 June 2010.
