Fortescue raises $2 billion from bond sale

Australian iron ore miner Fortescue Metals Group Limited (Fortescue) has announced that it has raised US$2 billion in an oversubscribed bond sale.
 
As a result of the bond sale, Fortescue doubled the amount that it set out to raise to fund the expansion project for its Pilbara iron ore operations. The sale is expected to be settled on March 19, 2012.
 
Fortescue stated a day earlier that it was launching a US$1 billion bond sale to fund the expansion project and the purchase of a mining fleet.