Fortescue Said to Cut Rate on $4.95 Billion Covenant-Light Loan
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Fortescue Metals Group Ltd., Australia’s third-biggest iron ore exporter, lowered the rate on a $4.95 billion loan it’s seeking to refinance debt, according to a person with knowledge of the transaction.
The company will pay interest at 3.25 percentage points more than the London interbank offered rate, with a 1 percent floor on the lending benchmark, compared with 3.75 percentage points originally proposed, said the person, who asked not to be identified because terms aren’t set.