Fortescue seeks changes to $5bn term loan B

Australia’s Fortescue Metals Group is looking to revise the tenor and pricing of a $5bn loan it took in October 2012, taking advantage of its stronger financial position to demand covenant-lite terms.

  • By Rashmi Kumar
  • 30 Oct 2013

The $5bn senior secured facility matures in October 2017, and has a margin of 425bp over dollar Libor, along with a floor of 1%.

With the amendment plans, Fortescue will extend the maturity of the term loan B, and will also reduce the margin on offer — ...

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