By Caleb Frazier
NEW YORK (Reuters) - Fortescue Metals
The five-year loan was increased by $500 million to $5 billion while pricing was cut to LIB+425 with a 1 percent Libor floor. At launch, the loan was talked at LIB+475 with a 1.25 percent Libor floor. An original issue discount of 99 cents on the dollar remains unchanged.
Joint lead arrangers Credit Suisse and JP Morgan launched the loan, which will refinance existing debt via issuer FMG Resources, at an October 3 bank meeting.
Recommitments to the loan are due at noon today. Corporate family ratings are Ba3/BB-/BB+. Facility ratings are Ba1/BB+/BBB-. The loan will benefit from 101 soft call protection for the first year.
ANZ, Bank of America Merrill Lynch, Deutsche Bank and UBS are co-arrangers on the loan.
(Editing By Jon Methven)