#Saudi miner Ma'aden reschedules phosphate subsidiary's debt - Reuters

Saudi miner Ma'aden reschedules phosphate subsidiary's debt - Reuters:

Saudi Arabian Mining Co’s (Ma’aden) phosphate subsidiary is rescheduling and refinancing about $4.1 billion of debt to give it more flexibility to pursue growth and development projects, the company said on Sunday.

The subsidiary, Ma’aden Wa’ad Al Shamal Phosphate Company, will reschedule 6.7 billion riyals ($1.8 billion) owed to Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and transfer the debt to the Public Pension Agency.

It will refinance 8.6 billion riyals owed to a syndicate of banks and other financial institutions by using new debt from a syndicate of commercial banks, Ma’aden said in a bourse filing.