Fortescue reduces debt by further $500m

Iron-ore mining company Fortescue Metals said on Thursday it had issued a further $500-million repayment notice for the 2019 senior secured debt term, bringing its total debt repayments for the 2016 financial year to $2.9-billion. The latest repayment would generate an interest saving of $21-million a year, while total debt repayments for 2016 had lowered Fortescue’s yearly interest expense by $186-million, said Fortescue CFO Stephen Pearce.