SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCE THAT ITS SUBSIDIARY MA'ADEN PHOSPHATE COMPANY (MPC) IS DISCUSSING WITH BANKS OPTIONS TO REPLACE ITS EXISTING DEBT
Saudi Arabian Mining Company (Maaden) announces that its subsidiary Maaden Phosphate Company (MPC) is currently discussing with local, regional and international banks the possibility of replacing its existing debt with new debt facilities on more favorable terms. As a successful operating company MPC is now well positioned to take advantage of favorable debt market conditions to replace the debt facilities raised in 2008 to find the construction of the company's plants. MPC is not seeking to increase the debt from current levels with the amount of approximately SAR 11 billion (USD 3 billion).
Further substantial developments will be announce in due course.
MPC is a limited liability company co-owned by Maaden (70%) and Saudi Basic Industries Corporation (SABIC) (30%).
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