SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES ITS SUBSIDIARY MAADEN PHOSPHATE COMPANY (MPC) HAS SIGNED FINANCING AGREEMENTS WITH LOCAL AND INTERNATIONAL LENDERS TO REPLACE ITS EXISTING DEBT
Further to the company announcement on Tadawul on 06/02/1437H (corresponding to 18/11/2015G), the Saudi Arabian Mining Company (Maaden) announces that its subsidiary (Maaden Phosphate Company) has signed on 16/05/1437H (corresponding to 25/02/2016G) financing agreements with the following commercial banks and other financial institutions: Al Rajhi Banking and Investment Corporation, The National Commercial Bank, Riyad Bank, Banque Saudi Fransi, The Saudi Investment Bank, Saudi British Bank, The Bank of Tokyo-Mitsubishi UFJ Limited, Export Development Canada, Bank Aljazirah, Samba Financial Group, Sumitomo Mitsui Banking Corporation Europe Limited, BNP Paribas (Bahrain Branch) and Natixis, for a total amount of SAR 11.5 billion (USD 3.1 billion) without any corporate financial guarantees. The new debt will replace the existing debt and is on more favorable terms reflecting MPCs status as a successful operating company. The loans will be for a period of 7 years and will be repaid in semi-annual installments starting from 25 Feb 2017.
MPC is a limited liability company co-owned by Maaden (70%) and Saudi Basic Industries Corporation (SABIC) (30%).
For further information please contact: