Fortescue Metals Group (ASX: FMG) has raised US$1.5 billion of senior unsecured notes after bumping up the amount to be borrowed from US$1.0 billion due to strong demand.
The notes which have an 8.25% interest coupon are expected to settle on 28 October 2011, will be used to support production expansion to 155 million tonnes per annum.
Meanwhile, Fortescue has revealed its shares were being sold short in significant numbers. It undertook a registry search that revealed that 10 per cent or more of its shares were on loan, possibly to hedge funds shorting the stock.