Fortescue Metals Loan Extended to End of Month
Further Reading
Australia's third largest iron ore producer, Fortescue Metals (ASX:FMG) have had their lender, Bank of America, extend the syndication deadline of the $1.5 billion loan until the end of the month.
- The loan facility was underwritten by Bank of America Merrill Lynch
- The loan facility matures in December 2013. Loan is split equally into a term part and a revolving credit portion.
- The company last week announced cuts to save $300 million on operating expenses as well as slashing an unspecified number of jobs.
- Iron ore prices fell to US$86.70 per tonne yesterday.
- The company held a teleconference last week to reassure lenders about the company's financial position
- Fortescue shares fell to a three year low last week to $2.81.
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