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28-Feb-2016

Maaden's MPC signs financing agreements worth SAR11.5 billion, replacing existing debt facilities

Saudi Arabian Mining Company (Maaden) [1211.SE] has announced that its subsidiary, Maaden Phosphate Company (MPC), has signed financing agreements with local and international lenders worth SAR11.5 billion (USD3.1 billion) without any corporate financial guarantees. According to the announcement, the new debt will replace the existing debt facilities on more favourable terms. The loans will be paid over a period of seven years over semi-annual installments starting 25 February 2017. It is worth noting that MPC is 70%-owned by Maaden, while the remaining 30% is owned by Saudi Basic Industries Corporation (SABIC) [2010.SE]. (Tadawul)

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