PhosAgro ao

Capital/Financing Update • Feb 14, 2025

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author: Кузеванов Иван Сергеевич
date: 2025-02-11 15:39:00+00:00

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PhosAgro Successfully Launches New Placement of Yuan-Denominated Bonds

Moscow – PJSC PhosAgro (Moscow Exchange, LSE: PHOR) (“PhosAgro”, the “Company”), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has successfully completed bookbuilding for the placement of an issue of CNY 1 billion in BO-02-02 series bonds with a maturity period of 1.5 years. The bonds have a fixed coupon rate of 10.4% per annum, with monthly interest payments.

The placement marks the first issue of yuan-denominated bonds in the Russian market since June 2024. Thanks to strong investor demand, the coupon rate was revised downward three times during the bookbuilding process, from an initial target of 11.0% per annum to the final rate of 10.4% per annum. The bonds were purchased primarily by institutional and private investors. Trading on Moscow Exchange is expected to begin on 18 February 2025.

The ACRA rating agency has assigned the bond issue its expected highest-possible rating of eAAA(RU).

“The successful placement of this new yuan-denominated bond issue, with a coupon rate of 10.4% per annum, is a landmark event for PhosAgro and a testament to investors’ high level of confidence in our company. In the current market environment, we were able to secure financing on attractive terms, which underscores our resilience and the effectiveness of our financial strategy. We will continue to further optimise our loan portfolio and to strengthen our position in the debt market,” said Alexander Sharabaika, PJSC PhosAgro’s Deputy CEO for Finance and International Projects.

About the Company

PhosAgro (www.phosagro.ru) is a vertically integrated Russian company and one of the world’s leading producers of phosphate-based fertilizers and high-grade phosphate rock with P2O5 content of 39% (according to the IFA) . PhosAgro’s high-performance fertilizers produce crops with advanced features.

PhosAgro Group is the largest producer of phosphate-based fertilizers in Europe (by total combined capacity for the production of DAP, MAP, NP, NPK and NPS fertilizers, according to the CRU), the largest global producer of high-grade phosphate rock with P2O5 content of 39% (according to the IFA), one of the leading producers of MAP and DAP fertilizers globally, one of the leading producers of monocalcium feed phosphates (MCP) in Europe – and the only such producer in Russia – and Russia’s only producer of nepheline concentrate.

PhosAgro’s main products, including phosphate rock, 58 grades of fertilizers, feed phosphates, ammonia and sodium tripolyphosphate, are used by customers in around 100 countries spanning all the world’s inhabited continents. The Company’s priority markets beyond Russia and the CIS are Latin America, Europe and Asia.

The Company’s shares are listed on the Moscow Exchange and its global depositary receipts (GDRs) are listed on the London Stock Exchange (MOEX and LSE ticker: PHOR).