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22

Fortescue Rises to Seven-Week High on $500 Million Repayment

By Tony Seruga

Debt repayments made in fiscal 2016 now total $2.9 billion
Iron ore supplier trimming debt under drive to lower costs

Fortescue Metals Group Ltd., the fourth-biggest iron ore supplier, will make a $500 million early repayment of a loan, extending its debt reduction drive as it seeks to lower costs amid weaker prices. Its shares rose to the highest in seven weeks.

Perth-based Fortescue’s debt repayments since July now total $2.9 billion, reducing annual interest expenses by $186 million, the producer said Thursday in a statement. The latest repayment of part of a term loan due to mature in 2019 will be made at par from accumulated cash, the company said…

Fortescue Rises to Seven-Week High on $500 Million Repayment

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