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PhosAgro Board of Directors Approves RUB-denominated Bond Programme

28 October 2015
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that its Board of Directors at a meeting today approved a prospectus and programme for the issuance of 10-year bonds in the total amount of up to RUB 50 billion.

Decisions regarding the potential placement of individual issues under this bond programme are to be made by the Company’s CEO.

PhosAgro CEO Andrey Guryev said: “PhosAgro may use rouble bond placements if the Company is in need of additional financing and RUB-denominated bonds can be placed at lower rates than other forms of borrowing.”

As disclosed earlier, the Company intends to reduce its total debt by up to RUB 20 billion this year. PhosAgro also plans to refinance around USD 100 million with new debt from Nordea Bank, and up to RUB 10 billion of debt may be partially replaced by the issuance of RUB-denominated bonds.