Fortescue agrees debt facility

Aust

Australia-focused Fortescue Metals Group has agreed a $4.5bn (£2.7bn) debt facility, as it moves to shore up its balance sheet in the wake of falling iron ore prices. The debt, underwritten by Credit Suisse and JP Morgan, gives the Perth-based company until November 2015 to make its first repayment. Iron ore prices have plummeted in recent weeks as Chinese demands shrinks.