Fortescue secures $4.5 billion loan to refinance debt

Australian miner Fortescue Metals Group has announced that it has secured a credit facility of up to US$4.5 billion from Credit Suisse and JP Morgan to refinance all its existing bank facilities. The facility will also provide Fortescue with additional liquidity. 
 
The facility with a five-year maturity extends the earliest repayment date for any of the company's debt to November 2015 and removes financial maintenance covenants which applied under previous facilities.
 
Meanwhile, Fortescue is evaluating interest from various parties to partner with the company in certain of its assets. Given Fortescue's new debt facilities, such transactions will only be pursued if they clearly add shareholder value.