SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES ITS SUBSIDIARY MAADEN ALUMINUM COMPANY (MAC) HAS SIGNED FINANCING AGREEMENTS WITH LOCAL AND INTERNATIONAL LENDERS TO REPLACE ITS EXISTING DEBT
Saudi Arabian Mining Company (Maaden) announces that its subsidiary (Maaden Aluminum Company) has signed on 26/03/1439H (corresponding to 14/12/2017G) 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, Bank AlJazirah, Saudi British Bank, Bank AlBilad, Arab National Bank , Export Development Canada, Samba Financial Group, BNP Paribas (Bahrain and Riyadh Branch), First Abu Dhabi Bank PJSC, Arab Petroleum Investment Corporation (APICORP) and Natixis, for a total amount of SAR 6.68 billion (USD 1.78 billion). The new debt will replace the existing debt.
The new facilities, are on more favorable terms reflecting Maaden Aluminium Company status as a successful operating company and have been provided without any corporate financial guarantees. The period of the loans will be as follow:
1- Murabaha facility for 10 years and will be repaid in 14 semi-annual scheduled installments starting from 31 March 2021.
2- Commercial facility for 7 years and will be repaid in 8 semi-annual scheduled installments starting from 31 March 2021.
Note that Maaden Aluminium Company is 74.9% owned by Maaden and 25.1% owned by Alcoa Corporation
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