Saudi Arabian Mining said its phosphate unit signed an accord with a group of lenders to refinance and reschedule debt worth $4.1-billion.
Maaden Waad Al Shamal Phosphate will refinance $2.3-billion owed to a syndicate of commercial banks and financial institutions, according to a statement. It will use $1.8-billion to reschedule debt owed to the Public Investment Fund and transfer it to the Public Pension Agency.
Maaden Waad Al Shammal Phosphate is 60% owned by Saudi Arabian Mining, 25% by Mosaic and 15% by Saudi Basic Industries. Saudi Arabian Mining is also known as Maaden.