PhosAgro and Gazprombank Sign Agreement on Replacement Bonds at SPIEF 2023

Sample article from our Agriculture Industry

ST. PETERSBURG , June 15, 2023 (press release) –

PJSC PhosAgro, one of the world’s leading producers of phosphate-based fertilizers, has signed an agreement with JSC Gazprombank to issue replacement bonds.

The signing ceremony took place at the St. Petersburg International Economic Forum. The agreement was signed by PhosAgro Deputy CEO Alexander Sharabaiko and Gazprombank First Vice President Denis Shulakov.

PhosAgro’s Board of Directors adopted the corresponding decision at its meeting on 14 June 2023, pursuant to Decree of the President of the Russian Federation No. 364 of 22 May 2023 requiring that Russian legal entities with Eurobond obligations ensure the fulfilment of said obligations to Eurobond holders whose rights are accounted for by Russian depositories by issuing replacement bonds by 1 January 2024.

The Company continues to maintain high standards in its relations with investors and plans to issue replacement bonds in the near future for its two remaining outstanding issues of Eurobonds maturing in 2025 and 2028.

Viktor Cherepov, the Chairman of PhosAgro’s Board of Directors, said, “As far as I am aware, PhosAgro is the first Russian issuer since the corresponding presidential decree was signed to adopt a decision to issue replacement bonds in accordance with the corresponding decree of the Russian President. Thus, today, with the support of our partners at Gazprombank, we are putting in place an effective mechanism to protect the interests of Russian investors.”

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