Saudi Arabia’s Ma’aden approaches banks to refinance subsidiary loan- sources | ZAWYA MENA Edition:
"Saudi Arabian Mining Company (Ma'aden) is seeking to refinance around $1 billion of bank debt raised for its subsidiary Ma'aden Bauxite and Alumina Company (MBAC), three banking sources familiar with the matter said.
State-controlled Ma'aden has hired BNP Paribas and National Commercial Bank to advise it on the fundraising and has been in talks with banks over recent weeks for a refinancing facility expected to be denominated in both riyals and U.S. dollars.
Sources said the transaction was expected to be in the region of $1 billion but it had not been finalised. The company did not immediately respond to a request for comment."
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