Fortescue Metals has announced a renegotiation of the Company's senior debt facility that will result in a reduction of interest expenses of at least...

Fortescue Metals has announced a renegotiation of the Company's senior debt facility that will result in a reduction of interest expenses of at least US$50million per year. According to Fortescue's CFO, Stephen Pearce, the amended terms of the Facility reflect Fortescue's improving credit profile, with the ability to realise further savings in interest costs as leverage decreases through debt reduction and increased earnings. Credit Suisse and JP Morgan are the banks responsible for negotiating FMG's facility (VIEW LINK)