Arrium refinances $US725m in debt
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Arrium (ARI) has refinanced $US725 million ($A770.4m) of debt that was due to mature in the second half of 2015.
Arrium shares were 3.89% lower at 80.25c at the 10.15am (AEST) official market open, against a benchmark index fall of 0.35%, as a fall in the iron ore price weighed.
The iron ore miner said the refinancing was scaled back after being substantially over-subscribed and includes domestic and offshore lenders.
The refinancing is made up of $A255m, $US250m and $CAD260m, with maturities of four and five years, Arrium said.
The company's average interest rate for its total drawn and undrawn debt facilities is expected to stay at approximately 4%.
Arrium chief financial officer Robert Bakewell said the refinancing was "very well supported by our core lenders and is a reflection of their continued confidence in Arrium".