RPT-Subsidiary of Saudi Arabia's Ma'aden amends loan terms [Reuters]
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Source: Reuters
RPT-Subsidiary of Saudi Arabia's Ma'aden amends loan terms | Reuters Reuters Staff 2 Min Read (Repeats to additional clients, no changes to text) DUBAI, July 17 (Reuters) - Saudi Arabian Mining Company (Ma’aden) said its subsidiary Ma’aden Bauxite and Alumina Company (MBAC) refinanced loans totalling 7.75 billion riyals ($2.1 billion) on improved terms. State-controlled Ma’aden said MBAC had agreed with the Public Investment Fund (PIF) to amend the terms of an existing 3.75 billion riyal loan provided by the kingdom’s sovereign wealth fund. Under the new arrangement, the loan, which has been reduced to 3.51 billion riyals through repayments, will have a maturity of 14 years, it said. MBAC, which is 74.9 percent owned by Ma’aden and 25.1 percent owned by Alcoa, was set up in 2009 and is one of three ventures owned jointly by the companies through which Ma’aden carries out its aluminium operations. The announcement confirms a March 22 Reuters report, citing banking sources, that Ma’aden
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