Monday, 11 November, 2013 - 07:54
FMG debt margin lowered
Fortescue Metals Group announced that lead arrangers Credit Suisse and JP Morgan have successfully completed an amendment and repricing process for its senior secured debt facility.
Stephen Pearce has more than 20 years experience in senior management roles in the mining, oil and gas and utilities industries. He joined London-based Anglo American and became a member of the group management committee in January 2017 He is expected to join the board and take over as finance director in April 2017. Previously he was CFO of Fortescue Metals Group since 2010 and became an executive director. Mr Pearce previously held the position of managing director of Southern Cross Electrical Engineering and before that was chief financial officer with Alinta. He has previously served as chairman of Amadeus Energy and Surtron Technologies Pty Ltd. Mr Pearce has a Bachelor of Business from RMIT, a Graduate Diploma in Company Secretarial Practice and is a Chartered Accountant, a Chartered Secretary and Member of the Australian Institute of Company Directors. Mr Pearce served as a member of the Western Australian Business and Industry Committee for the Salvation Army for seven years.
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Fortescue Metals Group announced that lead arrangers Credit Suisse and JP Morgan have successfully completed an amendment and repricing process for its senior secured debt facility.
Fortescue Metals Group is continuing to accelerate its debt reduction by initiating repayment of nearly half of its $US2.04 billion in senior unsecured notes to its trustees that are due in 2015.
Fortescue Metals Group chief financial officer Stephen Pearce has been appointed a non-executive director of Cedar Woods Properties.
A 270 kilometre-long gas pipeline connecting Fortescue Metals Group’s Solomon hub operations to the Dampier natural gas pipeline was officially opened today.
Fortescue Metals Group reduced cash production costs around 45 per cent in the 12 months to the December quarter and has plans to further buy back debt in the months ahead, chief executive Nev Power said today.
Fortescue Metals Group has played down a downgrade by ratings agency Moody's, saying it will have no impact on its debt structure.
Fortescue Metals Group has taken its latest round of debt repayments to more than $US1.2 billion, with a $US650 million buy of its 2019 senior secured term loans.
Stephen Pearce has been appointed to the board of Fortescue Metals Group, but will retain his current role as chief financial officer of the iron ore giant.
Fortescue Metals Group will lop off another $US500 million ($A665 million) from its debt pile next week, after issuing a repayment notice for part of its 2019 term loan.
Iron ore exporter Fortescue Metals says it will repay $US700 million ($A925 million) of its debt, generating annual interest savings of about $US26 million.
Fortescue Metals Group has started the search for a new chief financial officer after Stephen Pearce handed in his resignation to pursue an international role, on the same day the iron ore giant announced the appointment of a new director of operations.
Stephen Pearce has resigned as non-executive director of Cedar Woods Properties. Mr Pearce has been appointed finance director of Anglo American plc and will be relocating to London.
New regional director for CHC Helicopter
After seven years at the helm of Fortescue Metals Group, Nev Power has announced he will hand over the reins and take a much-needed holiday.
Our weekly appointments wrap includes Stephen Pearce, Matt McIntyre, Claire Wright, Stephanie Juszkiewicz, Samantha Craig, Stacey Wellings, and Rikki Hendon.
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