Maaden Phosphate Co. (MPC), a 70 percent-owned subsidiary of Maaden, has secured SAR 11.5 billion ($3.06 billion) in financing facilities from local banks and international lenders, which will be used to replace the company’s existing debt.

 

MPC received letters of commitment from the above mentioned institutions on Wednesday and expects to sign the finalized financing agreements before the end of this year, Maaden said in a statement to Tadawul.

 

Terms under the new facilities were said to be more favorable, reflecting the phosphate producer’s strong operations.

 

Saudi Basic Industries Corporation (SABIC) holds the remaining 30 percent stake in MPC.

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