Capital/Financing Update • Sep 30, 2025
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date: 2025-09-30 15:02:00+00:00
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PhosAgro Successfully Completes the Book Build for an Issue of Bonds Denominated in US Dollars
Moscow –PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading producers of phosphate-based fertilizers, has successfully completed the book build for an issue of bonds denominated in US dollars with settlement in Russian roubles for the second time in 2025.
The total volume of the BO-02-04 series bonds is USD 250 million. The bonds have a fixed coupon rate of 7.00% per annum and a coupon period of 30 days. The maturity period is 3 years.
ACRA has assigned the bond issue its highest-possible credit rating of еAAA(RU).
The book-building process has attracted a diversified demand from private and institutional investors and credit institutions. As a result, the final placement volume increased from USD 200 million to USD 250 million, while the initial coupon guidance was revised downwards by 25 bps.
The placement of the bonds is scheduled for 2 October 2025 on Moscow Exchange. Gazprombank is acting as the bookrunner and placement agent.
“As expected, PhosAgro’s dollar-denominated issue has attracted significant investor interest and has been successfully completed despite the current volatility. With this placement, PhosAgro’s total debt issuance in 2025 has reached the equivalent of USD 1 billion,” said Denis Shulakov, First Vice President of Gazprombank (JSC).
“PhosAgro takes a proactive approach to debt portfolio management. This placement is in line with our debt management policy of attracting foreign currency financing and helps us secure borrowings against foreign currency earnings. The attracted funds will be used to refinance current debt, while the significantly lower coupon rate compared to the rouble-denominated bonds will help us reduce the borrowing costs across our entire debt portfolio. We greatly appreciate the interest that investors have shown in all of the Company’s public instruments and thank them for their trust,” said Alexander Sharabaika, 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% or more (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 traded on the Moscow Exchange, and its global depositary receipts (GDRs) are listed on the London Stock Exchange (MOEX and LSE ticker: PHOR).
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