Saudi Arabian Mining Company (Maaden) said on Monday that its subsidiary Maaden Bauxite and Alumina Co. (MBAC) has amended the tenures of outstanding debt worth SAR 3.750 billion ($ 1 billion) with Saudi Public Investment Fund (PIF), and secured new loans to refinance current obligations.
The company has signed refinancing agreements with local and regional banks to meet outstanding debt of SAR 4.618 billion, owed to commercial banks and Saudi Industrial Development Fund (SIDF).
The banks that granted the new financing are the National Commercial Bank (NCB), Al Rajhi, Riyad Bank, Bank Albilad, ANB, Alinma, Banque Saudi Fransi, Samba, Saudi British Bank, Arab Petroleum Investment Corporation (APICORP), First Abu Dhabi Bank, The Saudi Investment Bank and Aljazira.
The company said the new tenures include more favorable terms and include no collaterals from partners or stakeholders.
MBAC is 74.9 percent owned by Maaden and 25.1 percent owned by Alcoa Corporation.
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