Fortescue Metals Group, the world's No.4 iron ore miner, has lined up AUD 4.5 billion in debt and said several firms had expressed interest in partnering in some of its assets, as it shored up funding to cope with an iron ore price slump.

The debt facility, fully underwritten by Credit Suisse and JPMorgan, will be used to refinance all existing bank facilities and gives the company until November 2015 to make its first repayment.

The facility also waived earnings-based covenants.

FMG CEO Mr Nev Power said “Fortescue has moved quickly to ensure its capital structure can withstand prolonged market volatility.”

Trading in Fortescue was halted last week after the stock slumped 14% on reports that the company was seeking waivers on its debt covenants.

Source - Reuters

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