Fortescue secures 100 basis point term loan B margin reduction
- Monday, 11 November 2013
Fortescue Metals Group (Fortescue) has completed the repricing and amendment of its US$5 billion term loan B, reducing the facility's margin by 100 basis points and extending its duration by nearly two years. The facility's new margin is 325 basis points over Libor, and the new terms of the loan allow for a further 50 basis point reduction in the margin if Fortescue achieves a leverage ratio of 2.5 times or less.
