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Fortescue refinances portion of US$1.4B term loan facility maturing in 2022

Fortescue Metals Group Ltd. said Sept. 26 that it refinanced a portion of its US$1.4 billion syndicated term loan facility maturing in 2022.

The company repaid US$800 million using proceeds from the issue of US$600 million of senior secured notes earlier this month and US$200 million from available cash.

Fortescue extended the US$600 million term loan balance to June 2025 on the same terms as the existing facility.

CEO Elizabeth Gaines said the refinancing, along with the recent notes issue, "will reduce annual interest costs, flatten the repayment profile and extend maturities to 2027."