Fortescue to make $US160m loan repayment

Fortescue Metals Group will repay another $US160 million ($211.3 million) of debt next month.

The iron ore miner today issued a voluntary redemption notice for this amount in relation to the remaining balance of the 9.75 per cent senior secured notes due in 2022.

Fortescue will repay the funding from operating cash flows on June 28.

Ian Wells, Fortescue chief financial officer, commented: “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.”

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