PhosAgro Issues Replacement Bonds Worth USD 740 Million

PJSC PhosAgro, one of the world’s largest producers of phosphate-based fertilizers (the “Company”), hereby announces that it has successfully completed all procedures for the placement of replacement bonds worth USD 740 million (series ZO25-D and ZO28-D).

In May 2023, Russia’s President decreed that Russian companies that had issued Eurobonds were required to issue replacement bonds for them in the same currency. This step is necessary to fulfil obligations to noteholders through Russian depositories.

“PhosAgro became the first company to issue replacement bonds since the issuance of this decree, offering Russian investors a reliable and liquid investment instrument. The market showed interest in the offer thanks to PhosAgro’s high credit quality and the considerable value of the issue. Seventy-four per cent of the holders of the Company’s Eurobonds maturing in 2025 and 2028 exchanged their securities for replacement bonds,” said Alexander Sharabaika, Deputy Chairman of PhosAgro’s Board of Directors and Deputy CEO for Finance and International Projects.

The Company acts in the interests of existing and potential investors, meets its obligations in full and continues to work actively in this regard.

About the Company

PhosAgro (www.phosagro.ru) is a vertically integrated Russian company and one of the world’s leading producers of mineral phosphorous fertilizers and of high-grade apatite concentrate grading 39% P2O5 and higher. PhosAgro’s fertilizers are highly effective, ensuring the improved quality of agricultural produce.

PhosAgro Group is the largest manufacturer of phosphate-based fertilisers in Europe (by total capacity of DAP/MAP/NP/NPK/NPS production), the largest producer of phosphite grading 39% P2O5 in the world and one of the leading global producers of ammonium and diammonium phosphate, one of Europe’s leading and the only producer in Russia of monocalcium phosphate feed (MCP), and the only producer in Russia of nepheline concentrate.

The company’s main products, including phosphite, 57 grades of fertilizer, phosphate feed, ammonium, and sodium tripolyphosphate, are used in around 100 countries on all inhabited continents. Our priority markets, besides 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 PJSC can be found on our site: www.phosagro.ru