By Sarah Lizee
Olympia, Wash., Jan. 16 – PhosAgro priced $500 million of 3.05% five-year eurobonds (Baa3/BBB-/BBB- expected) on Wednesday, according to a press release.
The new bonds, which had oversubscription of higher than 4x, include a reduced set of covenants.
Demand for the bonds at record low price guidance reached $2 billion, the company said.
Funds will be used to optimize PhosAgro's credit portfolio while maintaining net debt/EBITDA at a comfortable level.
Citi, Gazprombank, JPMorgan, BofA Securities, Sberbank CIB, VTB Capital and Renaissance Capital acted as joint bookrunners for the deal.
PhosAgro is a Moscow-based chemical holding company.
| Issuer: | PhosAgro
|
| Issue: | Eurobonds
|
| Amount: | $500 million
|
| Maturity: | Five years
|
| Bookrunners: | Citi, Gazprombank, JPMorgan, BofA Securities, Sberbank CIB, VTB Capital and Renaissance Capital
|
| Coupon: | 3.05%
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB- expected
|
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