PhosAgro PJSC

  • Land: Russland

Nachricht vom 17.09.2021 | 15:30

PhosAgro Places 7-Year Bonds Worth USD 500 Million with Record Low Coupon of 2.6%

OJSC PhosAgro (PHOR)
17-Sep-2021 / 16:30 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

For Immediate Release

17 September 2021




PhosAgro Places 7-Year Bonds Worth USD 500 Million with Record Low Coupon of 2.6%


Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, has completed the placement of seven-year bonds worth USD 500 million with a coupon of 2.6%.


PhosAgro CEO Andrey Guryev said: "I am pleased to announce another success for PhosAgro in capital markets: the successful completion of the placement of seven-year bonds worth USD 500 million at a record low rate of 2.6% per annum. We saw strong demand from a wide range of investors: the coupon ended up 65 basis points below the upper limit of 3.25% provided in the initial guidance; oversubscription greatly exceeded the volume of the placement.


"I would especially like to highlight the wide geography of demand for PhosAgro's Eurobonds. Around 90% of the issue was acquired by foreign institutional investors: more than 40% from continental Europe, about 25% from the United Kingdom, 16% from the United States and 6% from Asia.


"Investors once again demonstrated their high level of confidence in PhosAgro, backed by our operating and financial performance, ambitious growth strategy and focus on sustainability. PhosAgro is steadily increasing its production of eco-efficient mineral fertilizers that do not contain concentrations of cadmium and other toxic substances that are hazardous to human health and soils. At the same time, our actions are in line with general trends in the Russian and international markets: the introduction of eco-labelling for mineral fertilizers with improved environmental performance in Russia and voluntary eco-labelling for benchmark-quality fertilizers and for fertilizers in line with restrictions on cadmium content in food within the EU. We are pleased to see that, by showing strong interest in the Company and, in particular, its new Eurobond issue, investors have a positive view of PhosAgro's food security solutions and see that they are in line with the market's overall ESG agenda."


The Company will use the funds raised for general corporate purposes and to refinance its borrowings, keeping its net debt / EBITDA ratio at a comfortable level.


PhosAgro's Eurobond issue will be assigned credit ratings of BBB- from Standard & Poor's, Baa3 from Moody's and BBB-(EXP) from Fitch Ratings, which corresponds to the Company's corporate credit ratings.


The joint bookrunners for the issue were BofA Securities, Citi, Gazprombank, J.P. Morgan, RBI, Renaissance Capital, SberCIB, UniCredit and VTB Capital.


Contact us


PJSC PhosAgro

Andrey Serov, Head of the Investor Relations Department

+7 495 232 9689 ext. 2187


Timur Belov, Press Officer

+7 495 232 9689 ext. 2652



Sam VanDerlip

+44 207 002 7859

+7 499 918 3134


About Us


PhosAgro ( is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).


PhosAgro's main products include phosphate rock, more than 50 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 102 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.


PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.


This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), Canada, Japan or Australia. This press release is not an offer of securities for sale in the United States. The securities to which this press release relates have not been registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, US persons absent registration or an exemption from registration or in a transaction not subject to the registration requirements under the Securities Act. There will be no public offering of the securities in the United States.


This press release is not an invitation nor is it intended to be an inducement to engage in investment activity for the purpose of section 21 of the Financial Services and Markets Act 2000, as amended (the "FSMA"). To the extent that this press release does constitute an inducement to engage in any investment activity included within this press release, it is directed at and is only being distributed (A) in member states of the European Economic Area to persons who are qualified investors within the meaning of Article 2(E) of the Prospectus Regulation (EU) 2017/1129 (the "Prospectus Regulation")); (B) in the United Kingdom, to persons who (i) have professional experience in matters related to investments and who are "investment professionals" within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Financial Promotion Order") or are persons who fall within Articles 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (ii) any other persons to whom this information may otherwise lawfully be directed (all such persons together being referred to as "relevant persons"). No other person should act or rely on this press release and persons distributing this press release must satisfy themselves that it is lawful to do so. By accepting this press release you represent and agree that you are a relevant person and Qualified Investor if in the United Kingdom and a Qualified Investor if in any member state of the European Economic Area.


This press release is an advertisement for the purposes of the Prospectus Regulation. The relevant listing particulars is available on the Irish Stock Exchange plc trading as Euronext Dublin.

UK MiFIR professionals/ECPs-only - Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).

MiFID II professionals/ECPs-only - Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels).

No PRIIPs key information document (KID) has been prepared, since this communication will not be distributed to retail investors of the European Economic Area.

No UK PRIIPs key information document (KID) has been prepared, since this communication will not be distributed to retail investors of the United Kingdom.


This press release and the information herein are not an advertisement of securities in the Russian Federation, and are not an offer, or an invitation to make offers, to purchase, sell, exchange or transfer any securities in the Russian Federation or to or for the benefit of any Russian person or entity. This press release and the information herein are not intended for any persons in the Russian Federation who are not "qualified investors" within the meaning of Article 51.2 of the Federal Law No. 39-FZ "On the Securities Market" dated 22 April 1996, as amended (the "Russian QIs") and must not be distributed or circulated into Russia or made available in Russia to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law. The notes (the "Notes") have not been and will not be registered in Russia. The Notes have not been admitted to placement or public circulation in the Russian Federation and may not be sold in the Russian Federation in any way other than to Russian QIs in a manner that does not constitute "placement" or "public circulation" (as defined under Russian law) of the Notes in the Russian Federation. Information contained herein may not correspond to the risk profile of a particular investor, does not take in account one's personal preferences and expectations on risk and/or profitability and does not constitute an individual investment recommendation as defined under Russian law.



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