(MENAFN) Sources have revealed Saudi Arabian Mining Company (Ma'aden) to be looking into refinancing USD1 billion of bank debt for its subsidiary Ma'aden Bauxite and Alumina Company (MBAC).
BNP Paribas and National Commercial Bank were disclosed to have been assigned by the company for counseling on the fundraising.
The company was also declared to have been holding discussions with banks for a refinancing facility which is said to possibly be denominated in U.S. dollars and riyals.
Even though the agreement might end up with a USD1 billion, the three banking sources stressed it was yet to be finalized.
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