Nov 18, 2015
Further to the company announcement on Tadawul on 24/11/1436H (corresponding to 08/09/2015G), the Saudi Arabian Mining Company (Maaden) announces today Wednesday 06/02/1437h (corresponding to 18/11/2015G) that its subsidiary Maaden Phosphate Company (MPC) has received commitment letters from local and international lenders for a loan amount up to SAR 11.5 billion US$(3.065) billion, to provide new financing facilities to it. The new debt will replace the existing debt and is on more favorable terms reflecting MPCs status as a successful operating company.
Maaden expects MPC to sign definitive financing agreements by the end of 2015. Further substantial developments will be announced in due course.
MPC is a limited liability company co-owned by Maaden (70%) and Saudi Basic Industries Corporation (SABIC) (30%).