JOHANNESBURG (miningweekly.com) – Swiss-headquartered iron-ore company Ferrexpo has signed a new secured three-year revolving credit facility of $195-million, arranged by BNP Paribas.
The facility includes a syndicate of six international lenders and will amortise over eight quarters, with the final repayment due on December 31, 2020.
The funds will be used for general corporate purposes.
Ferrexpo CFO Chris Mawe said the new facility was testimony to the strong business profile of the LSE-listed company and was a continuation of Ferrexpo's strategy to further strengthen its balance sheet in a volatile commodity price environment.
“The facility will significantly reduce our average cost of funding and extend our debt maturity profile,” he stated.