PhosAgro : successfully places USD 100 million rouble-denominated bond issue

PhosAgro successfully places USD 100 million rouble-denominated bond issue

Moscow - PJSC PhosAgro (Moscow Exchange, LSE: PHOR), a Russian vertically integrated company and one of the world's leading producers of phosphate-based fertilizers, announces that on 3 June 2024 it successfully closed the order book for its USD 100 million rouble-denominated exchange-traded bond issue.

The series BO-P01-USD bonds have been issued for a term of 5 years at a quarterly coupon rate of 6.25% per annum.

Despite increased volatility in the Russian capital market across all securities, including the cancellation of a number of offerings, the company managed to lower the initial coupon rate benchmark by 25 basis points during the book-building process, achieving a final level of 6.25%. The bond issue was carried out at 10-15 basis points below the current yields on the secondary market for bonds comparable to PhosAgro's with shorter maturity.

The transaction is in line with PhosAgro's debt policy of raising financing in foreign currency, enabling the company to secure borrowings against foreign currency proceeds on significantly more favourable terms than the current rouble rates.

Previously, in April 2023, PhosAgro conducted a placement in Chinese currency amounting to CNY 2 billion for a 3-year term with a floating coupon rate tied to the China Loan Prime Rate + 1.2%, which is currently one of the most favourable borrowing terms in yuan on the Russian bond market.

The placement of the exchange-traded bonds is scheduled to commence on 6 June 2024 on Moscow Exchange, and the bonds have been included in the first-level quotation list of securities admitted to trading at PJSC Moscow Exchange. Gazprombank is acting as arranger and placement agent.

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 higher. 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), the largest producer of high-grade phosphate rock with P2O5 content of 39%, 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 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).

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