Mineweb reported that Fortescue Metals Group Ltd. (ASX:FMG) plans to extend the maturity on debt of $4.9 billion beyond 2021. A plunge in the iron ore price has curbed the company’s profits.
Mineweb reported that Fortescue Metals Group Ltd. (ASX:FMG) plans to extend the maturity on debt of $4.9 billion beyond 2021. A plunge in the iron ore price has curbed the company’s profits.
As quoted in the market news:
The Perth-based producer will begin a new $2.5 billion secured debt issue and has made an offer to holders of unsecured notes due to mature between 2017 and 2019 to tender them for repurchase, subject to a cap on 2019 notes, it said today in a statement.
Fortescue, which has already lowered spending plans by half and reduced staff, closed unchanged at $2.29 in Sydney trading and has declined 16 percent this year.
Nev Power, CEO of Fortescue, stated:
The refinancing will extend Fortescue’s debt maturity profile while maintaining flexibility and minimizing interest cost. This initiative complements the great work done in reducing costs and improving productivity and efficiency.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1810.56 | -1.75 | |
Silver | 21.04 | -0.17 | |
Copper | 4.15 | -0.02 | |
Palladium | 1961.00 | +16.00 | |
Platinum | 944.50 | -1.50 | |
Oil | 108.95 | -1.54 | |
Heating Oil | 3.71 | -0.05 | |
Natural Gas | 7.80 | +0.14 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.