Debt repayment
Due 2019 interest rate $1.976b LIBOR + 3.25% (repayable at FMG's option)
Due 2022 interest rate $478.0m 6.875% (able to be repaid as from April 2017)
Due 2022 interest rate $2.16b 9.75% (able to be repaid as from March 2018)
How will FMG use the cash that is piling up?
In my opinion.
They will announce this week or next week repayment of the $478.0m (6.875%) in April 2017 in full
At least another $500.0m to be applied against 2019 debt ($1.976b - say 5.00%)
Overall interest saving of around $60.0m per annum (35.0 cents cost saving based on 170.0mt io production)
Big ticket cost is the $2.16b @ 9.75% costs $210.0m per annum or $1.23 mt. They will part repay and refinance the balance of this debt from March 2018 (in 12 months), possibly from same finance institution that financed the VLOC's at a much lower rate.
Bets on when next debt repayment will be made and total amount??
fmg and fe, page-417
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