By Rebecca Melvin and Cristal Cody
Concord, N.H., Sept. 10 – PJSC PhosAgro priced $500 million of 2.6% seven-year eurobonds (expected ratings: Baa3/BBB-/BBB-) on Thursday, according to a company news release on Friday and a market source.
Pricing came below talk for yield in the 2¾% area, which was revised from the 3¼% area.
The proceeds will be used for general corporate purposes and loan portfolio refinancing to maintain PhosAgro’s net debt/EBITDA ratio at a comfortable level.
Demand for the bonds outstripped the planned offering size, according to the release.
BofA Securities, Citigroup, Gazprombank, JPMorgan, Raiffeisen Bank, Renaissance Capital, Sberbank CIB, UniCredit and VTB Capital acted as joint bookrunners for the deal, which is expected to be listed on Euronext Dublin.
PhosAgro is a Moscow-based chemical holding company.
| Issuer: | PJSC PhosAgro
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| Issue: | Eurobonds
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| Amount: | $500 million
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| Maturity: | Sept. 16, 2028
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| Bookrunners: | BofA Securities, Citigroup, Gazprombank, JPMorgan, Raiffeisen Bank, Renaissance Capital, Sberbank CIB, UniCredit and VTB Capital
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| Coupon: | 2.6%
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| Spread: | Treasuries plus 152.9 bps
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| Pricing date: | Sept. 9
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| Settlement date: | Sept. 16
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| Expected ratings: | Moody’s: Baa3
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Rule 144A and Regulation S
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| Talk: | 2¾% area, revised from 3¼% area
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