PhosAgro says it is trying to get payment to 3.949% bondholders

By Wendy Van Sickle

Columbus, Ohio, April 28 – Russia’s PJSC PhosAgro said it paid PhosAgro Bond Funding DAC, the issuer of $500 million of 3.949% eurobonds due in 2023, the full interest due on the bonds and that the issuer instructed the principal paying agent to make the payment to bondholders but that the agent has not yet made that payment, according to a filing with the London Stock Exchange.

PJSC PhosAgro said it paid the full $9,872,500 of interest on April 6, more than a week ahead of the due date, and that the issuer instructed the agent, Citibank NA, on April 20 to make the coupon payment, but that instruction had “not been carried out on account of additional steps being taken by the principal paying agent” as of Thursday.

The company said it has tried for several days to ensure that the coupon payment is made by providing all requested information.

“Notwithstanding the fact that the company is considered to have fulfilled its obligation to pay the coupon in accordance with the bond issue documentation, the company will continue to make every possible effort to facilitate the coupon payment by the principal paying agent as soon as possible and will inform investors of the status of said payment,” Thursday’s statement said.

PhosAgro is a Moscow-based chemical holding company.

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