PhosAgro issued replacement bonds for $740 million

PhosAgro, a Russian vertically integrated company, one of the world’s leading producers of phosphate-based fertilizers, completed all procedures for the placement of replacement bonds for $740 million.

In May 2023, the President of Russia issued a decree requiring Russian companies with Eurobonds to issue replacement bonds in the same currency against them. This is necessary to fulfill obligations to investors who owned securities through Russian depositories.

“PhosAgro became the first company to issue replacement bonds since the Decree, offering Russian investors a reliable and liquid investment vehicle. The market reacted with interest to the offer due to the high credit quality of PhosAgro and the significant placement volume. The share of holders of Eurobonds maturing in 2025 and 2028 who changed their bonds to substitutes is 74%,” said Alexander Sharabaiko, Deputy Chairman of the Board of Directors and PhosAgro Deputy CEO for Finance and International Projects.

The company acts in the interests of existing and potential investors, fully fulfills its obligations and continues to work actively in this direction.