Fortescue repays more debt

Iron-ore major Fortescue Metals has issued a $1-billion repayment notice for its 2019 senior secured credit facility, resulting in annual interest savings of around $38-million. “This $1-billion payment is a continuation of our focused debt repayment strategy and further lowers our total cash position. Fortescue’s nearest debt maturity is in June 2019, and is now less than $2-billion with gross gearing falling below our targeted 40% level once this payment is made,” said Fortescue CEO Nev Power.