By Colin Hanner
Chicago, April 26 – Russia’s Phosagro priced a $500 million 3.95% 4.5-year eurobond on Tuesday, the company said.
Initial price talk was 4% to 4¼% and eventually tightened to 3.95%, a market source said.
A roadshow for the notes took place from Thursday to Monday.
The deal was overbooked at more than $2 billion, the company said.
The deal is expected to settle on May 3.
Moody’s Investors Service gave the notes a preliminary rating of Ba1, S&P Global Ratings gave it a BBB- and Fitch Ratings gave it a BB+ rating, in line with the company’s corporate credit rating.
Citi, Sberbank CIB, VTB Capital were joint global coordinators and bookrunners for the deal. BofA Merrill Lynch, Societe Generale, UBS and UniCredit were also bookrunners for the deal.
Phosagro is a Moscow-based chemical holding company.
| Issuer: | Phosagro
|
| Description: | Notes
|
| Amount: | $500 million
|
| Maturity: | 2021
|
| Bookrunners: | Citi, Sberbank CIB, VTB Capital, BofA Merrill Lynch, Societe Generale, UBS and UniCredit
|
| Global coordinators: | Citi, Sberbank CIB and VTB Capital
|
| Coupon: | 3.95%
|
| Price: | Par
|
| Yield: | 3.95%
|
| Trade date: | April 25
|
| Settlement date: | May 3
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BB+
|
| Distribution: | Roadshow
|
| Price talk: | 3.95%, tightened from initial price talk in of 4% to 4¼%
|
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