U.S. state-controlled Ma'aden is looking to refinance around $1bn of bank debt raised for its subsidiary Ma'aden Bauxite and Alumnia Company (MBAC), according to people familiar with the matter. The fertiliser firm has hired BNP Paribas and National Commercial Bank to assist with the fundraising and has recently been talking with banks for a refinancing facility. MBAC is 74.9% owned by Ma'aden and 25.1% by Alcoa and originally cost SAR13bn ($3.5bn) with debt financing of more than SAR8bn.
Saudi Arabia's state-controlled Ma'aden is looking to refinance around $1bn of bank debt raised for its subsidiary Ma'aden Bauxite and Alumnia Company (MBAC), according to people familiar with the matter. The fertiliser firm has hired BNP Paribas and National Commercial Bank to assist with the fundraising and has recently been talking with banks for a refinancing facility. MBAC is 74.9% owned by Ma'aden and 25.1% by Alcoa and originally cost SAR13bn ($3.5bn) with debt financing of more than SAR8bn.