Fortescue may switch loan to bonds

摘要

Australian iron ore producer fortescue resources could move a proposed US$2.5bn leveraged term loan to the high-yield bond market after loan investors pushed back on the deal due to slumping iron ore prices. Fortescue is the world's fourth-largest iron ore producer. The price of the commodity fell to a six-year low last week, just days after China, the world's largest consumer of the raw material, cut its annual growth forecast to 7%.