PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has undertaken another round of debt reduction, with the miner issuing a $700-million repayment notice for its 2019 senior secured credit facility.
The company said on Tuesday that the term loan repayment would be made on September 16, and would generate interest savings of around $26-million a year.
“This $700-million repayment adds to the $2.9-billion which we repaid in the 2016 financial year and further reduces our all-in cost base. We will continue to apply our free cash flow to repay debt, lowering our gearing and strengthening our balance sheet,” said Fortescue CFO Stephen Pearce.
Edited by: Creamer Media Reporter
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