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Fortescue to redeem US$160M in 2022 notes buyback

Fortescue Metals Group Ltd. said May 25 that it intends to redeem US$160 million in 9.75% senior secured notes, due 2022, to be funded by operating cash flows.

The Australian iron ore miner previously accepted for purchase US$446.9 million aggregate principal amount of 2022 notes in March.

"The repayment of the high cost notes now leaves all of Fortescue's remaining debt structured on investment grade terms and conditions, providing a low cost, flexible capital structure to support our ongoing operations and future growth," said CFO Ian Wells in a statement.

The repayment will be completed on June 28.