Fortescue tackles debt

Fortescue Metals has lowered interest payments on $US5 billion ($A5.34 billion) to tackle what is seen as its big weakness: $US12 billion in borrowings. Fortescue said it would save $US50 million a year after underwriters of its senior secured debt, JPMorgan and Credit Suisse, repriced its interest rate margin from 4.25 per cent to 3.25 per cent.

Fortescue Metals has lowered interest payments on $US5 billion ($A5.34 billion) to tackle what is seen as its big weakness: $US12 billion in borrowings. Fortescue said it would save $US50 million a year after underwriters of its senior secured debt, JPMorgan and Credit Suisse, repriced its interest rate margin from 4.25 per cent to 3.25 per cent.

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