Ma’aden, said that its subsidiary Ma’aden Bauxite and Alumina Company (MBAC) has agreed with the Public Investment Fund (PIF) to revise the terms of an existing SAR 3.75 billion loan.
Saudi Arabia state-controlled Ma’aden announced that its subsidiary MBAC has refinanced loans totalling SAR 7.75 billion on improved terms, reported Reuters.
The new arrangement states that the loan, which has been reduced to SAR 3.51 billion through repayments, will have a maturity of 14 years.
Additionally, Ma’aden also said that MBAC has agreed on a further SAR 4.25 billion in financing from 13 local and regional banks to refinance existing debt provided by banks and the Saudi Industrial Development Fund which totalled SAR 4.62 billion.
These new facilities are on more favourable terms and has been provided without any corporate financial guarantees from sponsors.
PIF holds a 65.4 per cent stake in Ma’aden.