FMG 1.31% $8.90 fortescue metals group ltd

Iron ore price, page-222

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    The term loan is libor plus (so its variable not fixed) (looks like the one year libor rate is now around 1.82 - i googled) and from memory the plus is 3.25 so the term loan interest would be over 5pc on those numbers versus 6.875 for the $478m tranch. But because libors is trending up (global central banking more positive) the difference is getting less and less.

    I don't know exactly what their reasoning was but I wasn't unhappy seeing them knock another billion of the debt falling due sooner - and FMG has liked long runways for all of the few years I've been watching them.
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