Australian iron ore mining company Fortescue Metals Group has hiked its bond offering to $2bn from $1bn announced earlier.
Proceeds from the offering will be used for the 155 million tons per annum expansion of its iron ore-mining operations in Western Australia and the acquisition of related mobile mining equipment.
The two-part offering is expected to settle on 19 March following customary closing conditions.
A $1bn five-year bond, with a non-call period of three years, is priced with a 6% per annum interest rate, and the other ten-year bond that is callable after five years is at 6.875%.
FMG Resources is a subsidiary of Australian iron ore mining company, Fortescue Metals Group.
The company has hired Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, JPMorgan, Royal Bank of Scotland and UBS to run the deal.