OJSC PHOSAGRO: PhosAgro Places Debut USD 500mln 5-yr Eurobond at 4.204%
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For Immediate Release 07 February 2013
PhosAgro Places Debut USD500 mln 5-year Eurobond at 4.204%
Moscow - 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
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
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."
For further information please contact:
+7 495 231 2747
Irina Evstigneeva, Head of Corporate Finance and Investor Relations
Timur Belov, Press Officer
+44 (0) 20 7920 2356
Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser
producer. The Group focuses on the production of phosphate-based fertilisers,
feed phosphate and high-grade phosphate rock (with P2O5 content of not less
than 39 percent), as well as ammonia and nitrogen-based fertilisers.
The Group is the largest phosphate-based fertiliser producer in Europe, the
largest producer of high-grade phosphate rock worldwide and the second largest
MAP/DAP producer in the world (excluding China), according to Fertecon.
PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the
only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high
quality apatite-nepheline ore, representing over 75 years of production. The
Group also controls substantial Al2O3 resources and has 41% of Russia's rare
earth oxides resources according to the G.P. Luzin Institute of Economic
Problems of the Kolskiy Scientific Centre of the Russian Academy of Sciences,
The Group's mines and phosphate rock production facilities are located in the
mountainous areas of the Kola Peninsula in the Murmansk region of northwest
Russia, whereas its fertiliser and feed phosphate production assets are located
near the city of Cherepovets in the Vologda region and near the city of
Balakovo in the Saratov region of southwest part of European Russia. PhosAgro's
2011 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.2 bln. The С
ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.
For further information on PhosAgro please visit: www.PhosAgro.com
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-0- Feb/07/2013 15:31 GMT
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