PhosAgro Issues Replacement Bonds Worth USD 740 Million

Sample article from our Agriculture Industry

MOSCOW , August 28, 2023 (press release) –

PJSC PhosAgro, one of the world’s largest producers of phosphate-based fertilizers (the “Company”), hereby announces that it has successfully completed all procedures for the placement of replacement bonds worth USD 740 million (series ZO25-D and ZO28-D). 

In May 2023, Russia’s President decreed that Russian companies that had issued Eurobonds were required to issue replacement bonds for them in the same currency. This step is necessary to fulfil obligations to noteholders through Russian depositories.

“PhosAgro became the first company to issue replacement bonds since the issuance of this decree, offering Russian investors a reliable and liquid investment instrument. The market showed interest in the offer thanks to PhosAgro’s high credit quality and the considerable value of the issue. Seventy-four per cent of the holders of the Company’s Eurobonds maturing in 2025 and 2028 exchanged their securities for replacement bonds,” said Alexander Sharabaika, Deputy Chairman of PhosAgro’s Board of Directors and Deputy CEO for Finance and International Projects.

The Company acts in the interests of existing and potential investors, meets its obligations in full and continues to work actively in this regard.

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