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.