(Bloomberg) --

Saudi Arabian Mining Co. said its phosphate unit signed an accord with a group of lenders to refinance and reschedule debt worth $4.1 billion.

Maaden Waad Al Shamal Phosphate Co. will refinance $2.3 billion owed to a syndicate of commercial banks and financial institutions, according to a statement. It will use $1.8 billion to reschedule debt owed to the Public Investment Fund and transfer it to the Public Pension Agency.

Lenders involved: Public Pension Agency, Alinma Bank, Bank AlJazira, Bank Albilad, Al Rajhi Banking & Investment Corp., National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, Saudi British Bank and Riyad Bank.

Maaden Waad Al Shammal Phosphate is 60% owned by Saudi Arabian Mining, 25% by Mosaic Co. and 15% by Saudi Basic Industries Corp. Saudi Arabian Mining Co. is also known as Maaden.

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