Maaden’s MBAC announced an amendment agreement with PIF to adjust the terms of the existing loan of SAR3.75bn (USD1bn), which has been reduced to SAR3.506bn through previous payments. MBAC has also signed a financing agreement with a consortium of banks worth SAR4.245bn (USD1.132bn), which will refinance existing debt (provided by local, regional commercial banks and SIDF), which currently stands at SAR4.618bn (USD1.231bn). Based on the company release, the subject restructuring is on more favourable terms reflecting the successful operation of MBAC and was provided without any corporate financial guarantees from sponsors.
Maaden: SAR58.50 as of 16 Jul. 2018, Rating: Sell, TP: SAR42.00/share, MCap: USD18,221mn, MAADEN AB/1211.SE
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