Saudi Arabian Mining Co (Ma'aden) said its phosphate business has received commitments from local, regional and international banks for a SR11.5 billion ($3.07 billion) loan, according to a bourse filing on Wednesday.

The loan, which is set to replace existing debt on more favorable terms, will be signed by its subsidiary Maaden Phosphate Company and lenders by the end of 2015, the filing said.

Reuters reported on Sept. 3 details of the $3 billion loan the firm was seeking to refinance debt taken on to construct a phosphate complex for a joint venture.

Maaden Phosphate Company produces ammonia and the fertiliser diammonium phosphate, in a 70/30 ownership split with petrochemicals giant Saudi Basic Industries Corp.-Reuters