Riyadh – Mubasher: Ma’aden Wa’ad Al Shamal Phosphate Company, a 60% subsidiary of Saudi Arabian Mining Company (Ma’aden), has signed agreements with a group of lenders to refinance and reschedule debt worth SAR 15.3 billion ($4.1 billion).

The subsidiary will reschedule SAR 6.7 billion ($1.8 billion) of debt owed to the Saudi Public Investment Fund (PIF) and transfer it to the Public Pension Agency (PPA), according to a bourse statement on Sunday.

Moreover, it will refinance SAR 8.6 billion ($2.3 billion) owed to a group of commercial banks and financial institutions. 

The financiers are the PPA, Alinma Bank, Bank AlJazira, Bank Albilad, Al Rajhi Banking & Investment Corporation, the National Commercial Bank (NCB), Samba Financial Group, Banque Saudi Fransi (BSF), the Saudi British Bank (SABB), and Riyad Bank.

The transaction aims to provide better terms reflecting the subsidiary's cash generation profile, the statement read. 

Prior to the scheduling, the financing period of the credit facilities was 16 and a half years to be paid in semi-annual instalments starting from 31 December 2018.

The new financing period will be as follows:

1. 15-year Murabaha facility to be repaid in semi-annual scheduled instalments starting from 30 June 2022

2. 15-year Wakala facility to be repaid in semi-annual scheduled instalments starting from 30 June 2022

3. 15-year conventional facility to be repaid in semi-annual scheduled instalments starting from 30 June 2022.