Russia’s PhosAgro accepts $150 million early tendered 2021 notes

By Marisa Wong

Los Angeles, Jan. 24 – PhosAgro Bond Funding DAC said it has accepted for purchase $150 million of 3.95% loan participation notes due 2021 (Cusip: 71922LAA7) tendered by 5 p.m. ET on Jan. 23, the early tender deadline of its previously announced tender offer.

PhosAgro Bond Funding launched the tender offer on Jan. 9 on behalf of PJSC PhosAgro, inviting holders of the outstanding $500 million loan participation notes to tender up to $150 million of the notes for purchase for cash.

The amount tendered as of the early tender deadline exceeded the offer cap. As a result, the company will use a scaling factor of 50.376 to purchase the early tendered notes, according to a Friday press release.

The company will pay a total consideration of $1,031.25 per $1,000 principal amount. The total consideration includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early tender deadline. Holders will also receive accrued interest.

The settlement date for the early tendered notes is Jan. 28.

The company said it will not accept for purchase any notes tendered after the early deadline.

The offer is set to expire at 11:59 p.m. ET on Feb. 6.

Citigroup Global Markets Ltd. (+44 20 7986 8969, 212 723-6106, 800 558-3745, liabilitymanagement.europe@citi.com), GPB-Financial Services Ltd. (+7 499 271 9154 / +7 495 988 2353, liability.management@gazprombank.ru), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com), Merrill Lynch International (+44 20 7996 5420, DG.LM-EMEA@bofa.com), Renaissance Securities (Cyprus) Ltd. (+357 22 670 670, SyndicateDCM@rencap.com), JSC Sberbank CIB, Sberbank CIB (UK) Ltd. (+7 495 787 2363, liability_management@sberbank-cib.ru) and VTB Capital plc (+44 20 3334 88029, liability.management@vtbcapital.com) are dealer managers for the tender offer.

Citibank, NA, London Branch (exchange.gats@citi.com, +44 20 7508 3867) is the tender agent.

PhosAgro is a Moscow-based chemical holding company.

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