Bloomberg - Fortescue Metals Group Ltd
![](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBLQT09IiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--1cb666970c590a6403ea272cdc0ba871a4b322e2/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lKYW5CbFp3WTZCa1ZVT2hOeVpYTnBlbVZmZEc5ZlptbHNiRnNIYVFISWFRSEkiLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--a788536266c8d052a67a95e113f2ebbff3ad0a97/0_CHQ4Y4ZbmNALds9DCo5FYsaWmzFzdJ9DhdtbYUO4l91L9g3SaanqrRE98gboEOc3_Ik6lp2FdjC_.jpeg)
Hermes Fund Managers
Bloomberg - Fortescue Metals Group Ltd. is taking advantage of rising iron-ore prices to cut Australia's largest junk-debt burden, spurring its best bond gain this year. Fortescue, forced to negotiate $5 billion in new loans last year when commodity prices tumbled, this month said it will repay A$140 million ($131 million) of its most expensive debt to reduce interest costs. The Perth-based miner's total debt is 2.4 times equity, higher than 25 of the 30 other companies in the Merrill index for which data is available. I The iron-ore price has stayed high enough for long enough and now Fortescue is delivering on volume growth, said Ben Byrne, a credit sector specialist at Citigroup Inc. in Sydney. The result is the company is generating very solid cash flows at the same time that capital expenditure is declining.
2 topics
![Orlando Gemes](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBLQT09IiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--1cb666970c590a6403ea272cdc0ba871a4b322e2/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lKYW5CbFp3WTZCa1ZVT2hOeVpYTnBlbVZmZEc5ZlptbHNiRnNIYVFISWFRSEkiLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--a788536266c8d052a67a95e113f2ebbff3ad0a97/0_CHQ4Y4ZbmNALds9DCo5FYsaWmzFzdJ9DhdtbYUO4l91L9g3SaanqrRE98gboEOc3_Ik6lp2FdjC_.jpeg)
Orlando joined Hermes Fund Managers in 2010, and is responsible for structured credit solutions.
Expertise
No areas of expertise
![Orlando Gemes](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBLQT09IiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--1cb666970c590a6403ea272cdc0ba871a4b322e2/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lKYW5CbFp3WTZCa1ZVT2hOeVpYTnBlbVZmZEc5ZlptbHNiRnNIYVFISWFRSEkiLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--a788536266c8d052a67a95e113f2ebbff3ad0a97/0_CHQ4Y4ZbmNALds9DCo5FYsaWmzFzdJ9DhdtbYUO4l91L9g3SaanqrRE98gboEOc3_Ik6lp2FdjC_.jpeg)
Orlando joined Hermes Fund Managers in 2010, and is responsible for structured credit solutions.
Expertise
No areas of expertise