Sullivan & Cromwell and Allen & Overy have advised Australian iron ore miner Fortescue Metals Group Ltd. on a $2 billion bond issue.
The offering, made via a Fortescue subsidiary, comprises a five-year tranche and a 10-year tranche, each raising $1 billion. The securities are being offered globally under Rule 144A/Regulation S. Perth-based Fortescue said in a statement it will use the funds to expand its iron ore mining operation in the Pilbara region of Western Australia and to acquire new mining equipment. The company plans to almost triple its production by June 2013.
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