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PhosAgro's 3.05% Coupon Sets Record Low for USD-denominated Bond Placements by Russian Borrowers

24 Jan 2020 06:30

OJSC PhosAgro (PHOR) PhosAgro's 3.05% Coupon Sets Record Low for USD-denominated Bond Placements by Russian Borrowers 24-Jan-2020 / 09:30 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer / publisher is solely responsible for the content of this announcement.


 

For Immediate Release

 

24 January 2020

 

 

 

 

 

 

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE RUSSIAN FEDERATION OR ANY OTHER JURISDICTION WHERE SUCH ACTIONS WOULD BE UNLAWFUL

 

PhosAgro's 3.05% Coupon Sets Record Low for USD-denominated Bond Placements by Russian Borrowers

 

Moscow - PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, announces that yesterday it closed its USD 500 million 5-year Eurobond issue with a coupon of 3.05%.

 

PhosAgro CEO Andrey Guryev said: "I am happy to announce the successful completion of this transaction, which saw PhosAgro establish a record low coupon for USD-denominated bond placements by Russian issuers. I am confident that our success will provide a clear signal to the market and will serve as a benchmark for future placements.

 

"The issue saw strong interest from investors: the coupon rate was 32.5 b.p. lower than the upper end of the initial range; the order book was more than 4x oversubscribed at peak demand (with a volume of around USD 2 bln).

 

"More than 75% of the issue was purchased by foreign institutional investors (UK, 33%; United States, 20%; Continental Europe, 15%; Asia and the Middle East, 7%) and we are pleased that leading Russian and international funds and banks took part in the placement."

 

The funds from this placement will be used to optimise PhosAgro's loan portfolio while maintaining the Company's net debt/EBITDA ratio at a comfortable level.

 

PhosAgro's Eurobond issue was assigned credit ratings of BBB- from Standard & Poor's, Baa3 from Moody's and BBB-(EXP) from Fitch Ratings, which corresponds to the Company's corporate credit ratings.

 

Citi, Gazprombank, J. P. Morgan, BofA Securities, Sberbank CIB, VTB Capital and Renaissance Capital acted as joint bookrunners for this transaction.

 

 

About PhosAgro

 

PhosAgro (www.phosagro.com) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.

 

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39% and one of the leading producers of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

 

PhosAgro's main products include phosphate rock, 39 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 100 countries spanning all of the world's inhabited continents. The Company's priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

 

PhosAgro's shares are traded on the Moscow Exchange, and global depositary receipts (GDRs) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company's GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.

 

More information about PhosAgro can be found on the website: www.phosagro.com.

 

Manufacturer target market (MiFID II Product Governance) is eligible counterparties and professional clients (all distribution channels) only. No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.

 

This announcement is directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) order 2005 (the "Order") or (iii) are persons falling within article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Order or (iv) to whom this announcement may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons together being referred to as "relevant persons"). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

 

In member states of the EEA, this announcement is directed only at persons who are "qualified investors" within the meaning of Prospectus Regulation (Regulation (EU) 2017/1129).

 

This announcement is not for public release, publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia), except to "qualified institutional buyers" ("QIBs") as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act") that are also "qualified purchasers" ("QPs") as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940, as amended. This announcement does not constitute or form a part of any offer of, or solicitation to purchase or subscribe for, any securities in the United States. Any such securities have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States, except to QIBs that are also QPs in reliance on the exemption from registration under Rule 144A. No public offering of securities will be made in the United States of America or in any other jurisdiction where such an offering is restricted or prohibited.

 

This announcement or information contained therein is not an offer, or an invitation to make offers, to sell, exchange or otherwise transfer securities in the Russian Federation to or for the benefit of any Russian person or entity and does not constitute an advertisement or offering of securities in the Russian Federation within the meaning of Russian securities laws. Information contained herein is intended only for persons who are "qualified investors" within the meaning of Article 51.2 of the Federal Law no. 39-FZ "On the Securities Market" dated 22 April 1996, as amended (the "Russian QIs") and must not be distributed or circulated into Russia or made available in Russia to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law. The securities have not been and will not be registered in Russia and are not intended for "placement" or "circulation" in Russia (each as defined in Russian securities laws) unless and to the extent otherwise permitted under Russian law.

 


ISIN:US71922G2093
Category Code:IOD
TIDM:PHOR
LEI Code:635400F8A3KGJIIBIK95
OAM Categories: 2.2. Inside information
Sequence No.:42435
EQS News ID:960277
 
End of AnnouncementEQS News Service

UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

Date   Source Headline
26th May 20204:30 pmEQSPhosAgro Board Re-Elects Independent Director Xavier Rolet as Chairman
26th May 202010:00 amEQSPhosAgro Shareholders Recognise Company's Successful 2019 Results, Approve Dividend Payment
14th May 202010:01 amEQSPhosAgro Reports 1Q 2020 Financial Results: Higher Sales Volumes and Effective Working Capital Management Bring Free Cash Flow to Over RUB 18 Billion
13th May 20205:45 pmEQSPhosAgro Board of Directors Acknowledges Effective Performance During Pandemic, Discusses 1Q Financial Statements and Recommends Dividend Payment
12th May 202010:10 amEQSPhosAgro 1Q 2020 IFRS Results Announcement Date
30th Apr 20203:30 pmEQSPhosAgro Publishes 2019 Integrated Report
23rd Apr 202010:00 amEQS1Q 2020 Operating Results: PhosAgro Increases Fertilizer Sales Amid Record Demand in the Russian Market
15th Apr 202012:00 pmEQSSiroj Loikov Appointed First Deputy CEO of PhosAgro
14th Apr 20208:00 amEQSPhosAgro-Region Increases Domestic Sales of Fertilizers by 50% to 1.2 Million Tonnes
23rd Mar 20205:30 pmEQSChlodwig Enterprises Limited Informs PhosAgro About Transactions With Shares and GDRs
20th Mar 20203:30 pmEQSPhosAgro AGM to Take Place on 22 May in Absentia
6th Mar 20203:45 pmEQSPhosAgro CEO Purchases Company Shares
21st Feb 20209:00 amEQS4Q and FY 2019 Financial Results: Free Cash Flow for 2019 Increases by 38% to RUB 28.3 billion; Revenue Grows by 6.3% to RUB 248.1 billion
20th Feb 20203:33 pmEQSPhosAgro Board of Directors Recognises Company's Successful 2019 Results
18th Feb 20209:00 amEQSPhosAgro 4Q and FY 2019 IFRS Results Announcement Date
29th Jan 20201:00 pmEQSPhosAgro-Region Exceeded 3 Million Tonnes in Mineral Fertilizer Sales in Russia in 2019
29th Jan 20209:00 amEQSPhosAgro Boosts Fertilizer Production to a Record 9.5 Million Tonnes in 2019
24th Jan 20203:30 pmEQSPhosAgro EGM Approves Dividend Payment
24th Jan 202010:50 amEQSPhosAgro Completes USD 150 mln Partial Buyback of 2017 Eurobond
24th Jan 20206:30 amEQSPhosAgro's 3.05% Coupon Sets Record Low for USD-denominated Bond Placements by Russian Borrowers
16th Jan 20202:15 pmEQSPhosAgro Prices new USD 500 Million Five-Year Eurobond With Record Low USD Coupon for Russian Issuers of 3.05%
18th Dec 20199:45 amEQSPhosAgro Board of Directors Takes Key Parameters for 2020 Budget under Advisement
25th Nov 20199:00 amEQS9M 2019 Financial Results: PhosAgro Revenue Rises 12% year-on-year to Record RUB 195.0 Billion
22nd Nov 20193:30 pmEQSPhosAgro Board of Directors Approves Development Priorities for 2020 and Recommends that Shareholders Approve Dividend Payment
20th Nov 20193:45 pmEQSPhosAgro 3Q 2019 IFRS Results Announcement Date
19th Nov 20197:40 amEQSFitch Ratings Affirms PhosAgro's BBB-/Stable Credit Rating
8th Nov 20192:00 pmEQSAlexander Gilgenberg Appointed General Director of Apatit
24th Oct 201911:00 amEQSPhosAgro 3Q and 9M 2019 Operating Results
4th Oct 20194:30 pmEQSPhosAgro EGM Approves Dividends
25th Sep 201912:00 pmEQSPhosAgro to Discuss Key Areas of Growth Strategy to 2025 and Present New Dividend Policy at Capital Markets Day
24th Sep 20194:00 pmEQSPhosAgro Board of Directors Approves a New Dividend Policy: Payments to Shareholders May Exceed 75% of Free Cash Flow
9th Sep 20199:00 amEQSPhosAgro Opens Registration for Capital Markets Day, Which Will Be Held in London on 25 September 2019
28th Aug 201912:00 pmEQSPhosAgro 2Q 2019 FCF up 22% to RUB 10.2 bln
28th Aug 20198:34 amEQSCORRECTION: PhosAgro Board of Directors Recognises Effectiveness of Andrey Guryev's Work as CEO and Recommends that Shareholders Approve Dividend Payment
27th Aug 20196:00 pmEQSPhosAgro Board of Directors Recognises Effectiveness of Andrey Guryev's Work as CEO and Recommends that Shareholders Approve Dividend Payment
27th Aug 201912:00 pmEQSOJSC PhosAgro: First Meeting of PhosAgro's Sustainable Development Committee, Chaired by Irina Bokova, Reviews Company's Contribution to Achieving UN Sustainable Development Goals
22nd Aug 20194:30 pmEQSPhosAgro 2Q 2019 IFRS Results Announcement Date
31st Jul 20194:30 pmEQSPhosAgro Appoints Andrey Serov as Head of Investor Relations
30th Jul 20192:00 pmEQSPhosAgro 2Q 2019 Fertilizer and MCP Output up 5.8% y-o-y to 2.4 mln t
26th Jul 201912:00 pmEQSPhosAgro's Domestic Fertilizer Sales Rise by 14.3% year-on-year to 1.65 million tons in 1H 2019
24th Jun 20193:15 pmEQSPhosAgro EGM Approves Dividends
30th May 20197:53 pmEQSCorrection: PhosAgro Receives Shareholding Notices from Igor Antoshin and Vladimir Litvinenko
30th May 20195:15 pmEQSPhosAgro Receives Shareholding Notices from Igor Antoshin and Vladimir Litvinenko
29th May 201910:45 amEQSFormer UNESCO Director-General Irina Bokova Elected Chair of PhosAgro's Sustainable Development Committee
27th May 20199:20 amEQSPhosAgro Board Elects Independent Director Xavier Rolet as Chairman
24th May 20193:07 pmEQSPhosAgro AGM Approves Dividends
22nd May 20194:20 pmEQSPhosAgro Welcomes EU-wide Cap on Cadmium Levels in Fertilizers
21st May 20195:45 pmEQSPhosAgro Receives Shareholding Notice from Igor Antoshin
16th May 201910:00 amEQSPhosAgro 1Q 2019 EBITDA Grows 73% YoY to RUB 24.8 bln
15th May 20195:45 pmEQSPhosAgro Board Approves Committee on Sustainable Development and Recommends Dividends

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