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PhosAgro Places Debut USD 500 mln 5-year Eurobond at 4.204%

7 February 2013
PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces the successful pricing of its debut USD 500 million 5-year Eurobond with a coupon rate of 4.204%, which will be listed on the Irish Stock Exchange.

Proceeds from the issue will be used for further consolidation of the Company’s stakes in its key production subsidiaries and to refinance short-term financing.

The final order book was more than five times oversubscribed, with participation from a broad range of institutional investors, banks, asset management companies and funds from Europe, the United States, Asia and Russia.

The credit ratings assigned to PhosAgro’s Eurobond offering were Baa3 from Moody’s and BB+ from Fitch Ratings, both in line with the Company’s corporate credit ratings.

Citi, Raiffeisen Bank International, Sberbank CIB and VTB Capital acted as joint lead managers for the placement.

PhosAgro CEO Maxim Volkov said: «I am very pleased that our debut bond issue was met with such a high level of interest from fixed income investors.  I believe that investors valued our strong financial profile, supported by our conservative financing policy, which has kept debt levels low.»