Shares of Fortescue Fall After Company Raises Tender Offer to $750 Million
MT Newswires Live
Oct 22
Shares of Fortescue (ASX:FMG) fell around 1% in recent Wednesday trade after it said in a late Tuesday Australian bourse filing that it had increased its tender offer to buy back $750 million of its outstanding notes, up from an initial $600 million, reflecting strong early participation.
The limit for the 4.375% senior notes due 2031 was increased to $500 million from $400 million, per the filing.
The company plans to buy $500 million of the 2031 notes and $250 million of the 5.875% senior notes due 2030, while it does not anticipate purchasing any of the 6.125% notes due 2032, the filing said.
The settlement is set to occur on Wednesday, the filing added.
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