Fortescue Metals Group Limited
(ASX:FMG) has announced it has made a US$1 billion repayment to its 2019 Term Loan.
The repayment will save the iron ore company about US$38 million per annum in interest, while it will also reduce the outstanding balance of its 2019 Term Loan to US$976 million.
The repayment will be made on Thursday 30 March 2017 as part of its prioritised debt reduction strategy.
Fortescue Metals says productivity and efficiency initiatives are also reducing costs and generating significant free cash flows.
Shares in Fortescue Metals Group Limited
(ASX:FMG) traded 0.2% lower yesterday to $6.26