Fortescue uses Credit Suisse to re-price $US4.95 billion term loan

Deal cuts Fortescue's interest payments by $US50 million a year.

Fortescue Metals Group Ltd has re-priced its $US4.95 billion term loan in a deal led by Credit Suisse Group AG, saving Australia’s third-biggest iron-ore producer $US50 million a year in interest payments. 

Fortescue will pay interest at 3.25 percentage points more than the London interbank offered rate with a 1 per cent floor on Libor. This is a 1 per cent decrease in the spread compared to the original deal done just over 12 months ago.

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