Saudi Arabian Mining Company (Ma’aden) Announces the Signing of Its subsidiary (Ma’aden Wa’ad Al Shamal Phosphate Company) Refinancing and Rescheduling Agreements.
|Introduction||Further to the Company announcement on Tadawul on 1 July 2014 ( corresponding 04\09\1435H), related to its subsidiary (Ma’aden Wa’ad Al Shamal Phosphate Company) signing financing agreements with the |
Public Investment Fund and with commercial banks and other financial institutions, Saudi Arabian Mining Company (Ma’aden) announces that its subsidiary (Ma’aden Wa’ad Al Shamal Phosphate Company) has signed agreements (i) to reschedule its indebtedness owed to the Public Investment Fund and transfer such indebtedness to the Public Pension Agency, and (ii) to refinance its indebtedness owed to a syndicate of commercial banks and other financial institutions using the proceeds of new indebtedness provided by a syndicate of commercial banks.
|Date of Signing the Credit Facility Rescheduling||2020-06-20 Corresponding to 1441-10-28|
|Financier||Public Pension Agency, Alinma Bank, Bank AlJazira, Bank Albilad, Al Rajhi Banking & Investment Corporation, The National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, The Saudi British Bank and Riyad Bank.|
|Reasons for rescheduling||To provide more favorable terms reflecting MWSPC’s cash generation profile|
|Credit facility Amount and Rescheduled Amount||The total Value of financing 15.3 billion (USD 4.1 billion) |
The value of refinancing is SAR 8.6 billion (USD 2.3 billion) and the rescheduled amount is SAR 6.7 billion (USD 1.8 billion).
|Financing Duration, before and after Rescheduling||-Before: |
16.5-year facility to be paid in semi-annual installments starting 31 December 2018.
1) 15-year Murabaha facility to be repaid in semi-annual scheduled installments starting from 30 June 2022.
2) 15-year Wakala facility to be repaid in semi-annual scheduled installments starting from 30 June 2022.
3) 15-year conventional facility to be repaid in semi-annual scheduled installments starting from 30 June 2022.
|Guarantees Provided for the Rescheduled Credit Facility||None|
|Additional Information||Maaden Wa’ad Al Shammal Phosphate Company is 60% owned by Ma’aden, 25 % owned by Mosaic Company & 15% owned by SABIC. |
The Saudi Arabian Mining Company (Ma’aden) Chairman is H.E. Yasir Al Rumayyan who is the PIF’s Governor. Ma’aden Board member Eng. Abdullah Al-Issa chairs Riyadh Bank Board. Ma’aden Board members Mrs. Lubna Al-Olayan chairs SABB bank. This deal is completed within ordinary course of business without any preferential terms
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