From the AFR:
Fortescue Metals Group has secured a commitment for a new debt facility of up to $US4.5 billion underwritten by Credit Suisse and JPMorgan that it will use to refinance its existing facilities and provide it with additional liquidity.
…Fortescue said the earliest repayment date for any of its debt is now November 2015, which is well after the December 2013 date at which $US1.5 billion was due to mature previously.
No conditions either, apparently. Nice banks.
This is good news for the economy. It should slow the iron ore bust and prevent contagion spreading into the other majors too quickly.
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