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OJSC PHOSAGRO - PhosAgro and Eximbank of Russia Sign RUB 3 Billion LoanOJSC PHOSAGRO - PhosAgro and Eximbank of Russia Sign RUB 3 Billion Loan
PR Newswire
London, January 25
| For Immediate Release | 25 January 2016 |
PhosAgro and Eximbank of Russia Sign RUB 3 Billion Loan Agreement under State Programme to Support High-Tech Exports
Eximbank of Russia (part of the Russian Export Centre Group) and PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, have signed an 18-month loan agreement for RUB 3 billion.
PhosAgro CEO Andrey Guryev said, “This loan agreement will enable us to strengthen the flexibility of our sales and improve PhosAgro’s competitive advantages in the global fertilizer market, as well as the turnover of our financing resources. We have reached an agreement on exceptionally attractive terms, which once again proves that PhosAgro is considered a first-class borrower by both foreign and Russian banks.”
The decision to lend to PhosAgro was taken as part of Russia’s state programme to support high-tech exports.
Eximbank of Russia Management Board Chairman Dmitry Golovanov said: “Providing financing to foreign buyers, which is the classic service provided by Exim banks worldwide, is very popular among Eximbank of Russia’s clients. We seek to expand the export potential of Russian companies, taking into account the individual characteristics of each business and its foreign counterparties. Our partners at PhosAgro have an impressive track record on international markets and have a good understanding of export financing instruments, which enabled us to complete the signing of this deal very quickly.”
About PhosAgro:
PhosAgro (www.phosagro.com), a vertically integrated Russia company, is one of the world’s leading producers of phosphate-based fertilizers and high-grade phosphate rock (containing >39% P2O5).
PhosAgro is the largest European producer of phosphate-based fertilizers, the world’s largest producer of high-grade phosphate rock, and the world’s second-largest producer of DAP and MAP (excluding China), according to Fertecon. It is also Europe’s largest, and Russia’s only, producer of monocalcium phosphate (MCP), as well as Russia’s only producer of nepheline concentrate.
The Company’s products, including phosphate rock, 28 fertilizer grades, feed phosphates, ammonia, and sodium tripolyphosphate are used in 100 countries spanning all of the inhabited continents. PhosAgro’s priority markets, in addition to Russia and the CIS, are Latin America, Europe and Asia.
The Company’s shares trade on the Moscow Exchange and Global Depositary Receipts for shares trade on the London Stock Exchange (both under the ticker PHOR).
About Eximbank of Russia:
Eximbank of Russia was founded in 1994 in accordance with the Government of the Russian Federation decree #633 dated 07.07.1993, “On the creation of a Russian export-import bank” and decree #16 dated 11.01.1994, “On the Russian import-export bank”. The bank was created with the goal of supporting the export of domestically-produced goods.
The bank’s authorized capital is 12,65 billion roubles.
Eximbank of Russia has been part of Vnesheconombank Group since 2015, and does business under the auspices of the Russian Export Centre
Russian rating agency RAEX (Expert RA) has assigned to the Bank an individual credit rating of «A++»/stable. The Bank also has a Ba2/Negative long-term foreign-currency deposit rating from Moody’s.
Eximbank of Russia’s banking license from the Central Bank of the Russian Federation is #2790-g, dated 18 April 1994.