Further to the companys announcement on Tadawul on 07/05/1434H (corresponding to 19/03/2013G), the Saudi Arabian Mining Company (Maaden) announces that it has received financing commitment letters from local, regional and international banks and financial institutions for up to SAR 15.75 billion US$(4.2) billion. This is to fund the development and construction of Maadens Waad Al Shamal Phosphate Project. The loans will be for a period of 17 years and will be repaid in half yearly installments starting from 31 December 2018.
These commitments represent the financing portion from commercial banks and financial institutions. The remaining debt funding will be secured from the Public Investment Fund, the Saudi Industrial Development Fund and Export Credit Agencies, and it is expected to obtain all the commitments by end of January 2014.
The partners and the project financial advisor, expect to sign definitive financing agreements in Q2 2014.
Saudi Arabian Mining Company (Maaden), The Mosaic Company and Saudi Basic Industries Corporation (SABIC) will own 60%, 25% and 15% of the joint venture developing Waad Al Shamal Phosphate project respectively
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