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PhosAgro Prices new USD 500 Million Five-Year Eurobond With Record Low USD Coupon for Russian Issuers of 3.05%

OJSC PhosAgro (PHOR) 
PhosAgro Prices new USD 500 Million Five-Year Eurobond With Record Low USD 
Coupon for Russian Issuers of 3.05% 
 
16-Jan-2020 / 17:15 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 16 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  NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, 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 Prices new USD 500 Million Five-Year Eurobond With Record Low USD 
                                       Coupon for Russian Issuers of 3.05% 
 
 Moscow - PhosAgro (the "Company", the "Group"; Moscow Exchange, LSE: PHOR), 
 one of the world's leading vertically integrated phosphate-based fertilizer 
     producers, has successfully priced a USD 500 million five-year Eurobond 
    issue with a coupon of 3.05%. The Company priced the issue yesterday and 
                    settlement is expected to take place on 23 January 2020. 
 
   PhosAgro CEO Andrey Guryev said: "Since our debut Eurobond issue in 2013, 
the Company has transformed its business, strengthening its positions as one 
    of the lowest-cost and most sustainable vertically integrated fertilizer 
producers in the world. PhosAgro recently completed a large-scale investment 
cycle, strengthening its position in both Russian and international markets, 
                     creating a solid base for long-term sustainable growth. 
 
"I am pleased to announce that PhosAgro has taken another successful step in 
       public capital markets, setting a new record low coupon among Russian 
   issuers for USD-denominated bonds. Oversubscription was higher than 4x at 
 peak demand, with participation by a broad range of investors from all over 
  the world, indicating there is strong demand for PhosAgro's corporate debt 
                                and that the Company is viewed as reliable." 
 
   Xavier Rolet, Chairman of PhosAgro's Board of Directors and former CEO of 
the London Stock Exchange from 2009 to 2017, underscored that "further proof 
 of the transaction's success is the fact that these bonds include a reduced 
    set of covenants, which indicates investors' high level of confidence in 
    PhosAgro, in its capacity as a first-class corporate borrower and in its 
 financial stability. The Company, which listed on the LSE almost nine years 
       ago, fully complies with the exchange's motto, 'dictum meum pactum'." 
 
Demand for the bonds at record low price guidance reached USD 2 billion with 
   participation from a broad range of institutional investors, banks, asset 
   management companies and funds from Russia, Europe, the United States and 
Asia. Upon completion of the transaction, the funds will be used to optimise 
          PhosAgro's credit portfolio while maintaining net debt/EBITDA at a 
                                       comfortable level. 
 
    The credit ratings assigned to PhosAgro's latest Eurobond issue are 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 the transaction. 
 
Contacts 
 
PJSC PhosAgro 
 
Andrey Serov, Head of Investor Relations 
 
+7 495 232 9689 ext. 2187 
 
ir@phosagro.ru 
 
Timur Belov, Press Secretary 
 
+7 495 232 9689 ext. 2652 
 
pr@phosagro.ru 
 
EM 
 
Sam VanDerlip 
 
vanderlip@em-comms.com 
 
+44 207 002 7859 
 
About PhosAgro 
 
     PhosAgro (www.phosagro.ru [1]) 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%, a top-three producer 
  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.ru 
[1]. 
 
        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.:   41087 
EQS News ID:    955385 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=443ca16678306c21ad7d78a6b83a5230&application_id=955385&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

January 16, 2020 09:15 ET (14:15 GMT)

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