Fortescue Metals Group Limited
(ASX:FMG) has successfully completed its credit facility after increasing its value from $US4.5 to $US5 billion as announced last week.
Fortescue says arrangers Credit Suisse and JP Morgan have completed the distribution process for the facility.
The facility was struck by the iron ore miner in September and will be used to repay a series of Leucadia Notes, refinance existing loans and provide additional liquidity.
CEO Nev Power says using a staged approach that reflects the conditions in the iron ore market is a valuable option for the company.
Fortescue Metals Group posted a net profit of $1.5 billion in the 2012 financial year.
