Fortescue Metals Group $2.3 billion 9.75% notes offering

Overview:

• Fortescue Metals Group, which explores and develops the iron ore in the Pilbara region of Western Australia,  offered $2.3 billion 9.75% high yield senior secured notes.
• The proceeds from the offer were used to refinance the issuer's 6% senior unsecured notes due 2017, 6.875% senior unsecured notes due 2018 and some of the issuer's 8.250% senior unsecured notes due 2019.
• JP Morgan Securities acted as sole manager. 

Rani Mehta - Journalist