DUBAI, June 21 (Reuters) - Saudi Arabian Mining Co (Ma’aden) said on Sunday that its phosphate subsidiary is rescheduling and refinancing about $4.1 billion in debt.
The subsidiary, Ma’aden Wa’ad Al Shamal Phosphate Company, will reschedule 6.7 billion riyals ($1.8 billion) owed to Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and transfer the debt to the Public Pension Agency.
It will refinance 8.6 billion riyals owed to a syndicate of banks and other financial institutions by using new debt from a syndicate of commercial banks, Ma’aden said in a bourse filing.
The creditors of the debt were the Public Pension Agency, Alinma Bank, Bank AlJazira, Bank Albilad, Al Rajhi Banking & Investment Corporation, National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, Saudi British Bank and Riyad Bank, Ma’aden said in the filing.
Before the deal, the debt was to be paid in semi-annual instalments over 16-1/2 years starting at the end of 2018. The new structure comprises a murabaha facility, wakala facility and conventional facility all to be repaid over 15 years starting June 30, 2022.
Maaden Wa’ad Al Shammal Phosphate Company is 60% owned by Ma’aden, 25% owned by Mosaic Company and 15% owned by SABIC. Ma’aden is majority owned by PIF. ($1 = 3.7505 riyals) (Reporting by Yousef Saba; Editing by Stephen Coates)