Fortescue Metals Group Limited
(ASX:FMG) has paid down debt to the tune of $US1.6 billion of senior unsecured notes.
The announcement comes a month after Fortescue repaid an initial $US1 billion of the 2015 notes and takes total debt repayments since November 2013 to $US3.07 billion.
Fortescue says its gross debt was $US12.7 billion but after the redemption of the notes and other capital management initiatives, gross debt will fall to $US9.6 billion by the end of March.
Fortescue CEO Nev Power says the voluntary redemption of the notes underscored the company’s commitment to repay the debt that funded the company’s expansion to 155 million tonnes per annum.
Fortescue Metals Group reported a net profit of $1.9 billion in the 2013 financial year.
