...MELBOURNE (S&P Global Ratings) May 10, 2017--S&P Global Ratings today said that it had assigned its preliminary long-term issue credit ratings of '##+' to Fortescue Metals Group Ltd.'s new US$750 million senior unsecured notes due 2022 and US$750 million senior unsecured notes due 2024 following completion of the company's issuance offering. FMG Resources (August 2006) Pty Ltd., Fortescue's financing arm, is the issuer of the new notes. Fortescue will use the proceeds to repay its US$976 million senior secured credit facility and US$478 million outstanding 2022 senior unsecured notes. Upon settlement, we will assign long-term issue credit ratings of '##+' to the new senior unsecured notes. At the same time, we will withdraw the ratings on the repaid US$976 million senior secured credit facility and US$478 million outstanding 2022 senior unsecured notes. The repayment of the term loan and reduction of senior ranking debt, in our opinion, improves significantly the recovery value of Fortescue's...
