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Fortescue to reduce debt bill by further US$650M

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Fortescue to reduce debt bill by further US$650M

Fortescue MetalsGroup Ltd. said May 4 that it has issued a US$650 million repaymentnotice for the company's 2019 senior secured term loan, which will be made at parfrom Fortescue's accumulated cash and will generate interest savings of US$28 millionper year.

According to Fortescue CFO Stephen Pearce, the debt repaymentof US$650 million, in addition to the US$577 million that the company recently for its 2019 senior unsecurednotes, brings total debt repayments for fiscal year 2016 to US$2.3 billion, generatingannual interest savings of US$164 million.

"We are committed to ongoing debt reduction and have acceleratedthe repayment of the term loan and notes on the back of strong cash flows from sustainableoperational efficiencies and cost reductions," said Fortescue CEO Nev Powerin a statement.