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Ma’aden Phosphate Co (MPC), a subsidiary of Saudi Arabian Mining Co (Ma’aden), has hired banks to arrange a riyal-denominated sukuk issue, according to documents seen by Reuters, including the sukuk prospectus.
The company, which owns and operates one of the largest phosphate fertiliser plants in the world, plans to launch the deal in the first week of February, depending on investors’ interest.
According to a source close to the matter, the sukuk will be in the 4 billion riyal ($1.1 billion) region.
BNP Paribas Investment Co KSA, HSBC Saudi Arabia and NCB Capital are lead-managing the deal, with NCB coordinating it. The Islamic bonds, with a hybrid mudaraba and murabaha structure, will have a seven-year tenor.
A spokesman at Ma’aden did not immediately respond to a request for comment.
MPC is a joint venture between Ma’aden, which owns 70 percent, and petrochemical producer Saudi Basic Industries Corp (SABIC), which owns the remaining 30 percent.
The company will use the sukuk proceeds for general corporate purposes including repayment of existing sharia-compliant financial obligations.
MPC borrowed $4 billion in project finance facilities in 2010 as part of some $5.5 billion in project costs for its facilities. It repaid around $1 billion between 2013 and 2015, and in early 2016 the company refinanced the existing debt with a $3 billion unsecured Islamic loan.
Its current outstanding debt stands at $2.7 billion, according to a presentation by the company.
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