Riyadh-Mubasher: Saudi Arabian Mining Co. (Ma'aden) said its subsidiary Ma'aden Phosphate Co. (MPC) has received commitment letters from local and international lenders for a loan worth SAR 11.5 billion ($3.065 billion), to provide new financing facilities to it.
The new debt will replace the existing one, and is on more favorable terms reflecting MPC's status as a successful operating company, Ma'aden said in a bourse statement on Wednesday.
Ma'aden expects MPC to sign definitive financing agreements by the end of 2015.
