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(Bloomberg) —
Saudi Arabian Mining Co.’s phosphate unit signed an accord with a group of lenders to refinance and reschedule $4.1 billion in debt as it seeks to trim interest costs amid a collapse in sell my house fast commodity prices.
Maaden Waad Al Shamal Phosphate Co. will refinance $2.3 billion owed to a syndicate of commercial banks and financial institutions, according to a statement. It will also reschedule $1.8 billion of debt owed to Saudi Arabia’s Public Investment Fund and transfer it to the Public Pension Agency.
The refinancing allows the phosphate business to reduce interest expense and pushes back the start of repayments until 2022, Saudi Arabian Mining Chief Executive Officer Mosaed Bin Sulaiman Al Ohali said in an interview. “The interest rate is very favorable, and the new financing will help to improve our cash flows at a time in the market where cash is very tight.”
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