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PhosAgro restarts consent solicitations for 2023, 2025, 2028 notes
Chicago, Aug. 30 – PJSC PhosAgro restarted its sanction-driven consent solicitation for three series of loan participation notes issued by PhosAgro Bond Funding DAC, according to a notice.
The consent solicitation was launched on Monday.
The affected notes include the $500 million 3.949% loan participation notes due 2023 (ISINs: XS1752568144, US1922LAB53), $500 million 3.05% loan participation notes due 2025 (ISINs: XS2099039542, US71922LAC37) and $500 million 2.6% loan participation notes due 2028 (ISINs: XS2384719402, US71922LAD10).
PhosAgro is seeking to replace Citicorp Trustee Co. Ltd. with i2 Capital Trust Corp. Ltd. as trustee; add simplified cancellation; introduce new payment mechanics; modify issuer substitution provisions; and extend the grace period.
The previous consent solicitation started Aug. 1. The company announced on Aug. 18 that it did not garner the requisite consents.
Background
PhosAgro believes that due to blocking restrictions and sanctions targeting a number of Russian individuals and entities, there exists a risk that any payment received from the issuer or PhosAgro by Citibank, NA, London Branch as principal paying agent can be blocked, delayed or frozen, and consequently those funds will not be distributed among the noteholders by the principal paying agent.
As a result, the company is seeking to appoint a new trustee and to arrange for direct payments of interest to noteholders.
Solicitation details
With respect to each written resolution, holders of at least 75% of the aggregate principal amount of the outstanding notes of the respective issue are required to give their consent to the proposals.
The record date is Sept. 13.
Votes are due to the information and tabulation agent by the voting deadline.
The meeting will be held at 11 a.m. ET on Sept. 22.
Consents may not be revoked.
The information and tabulation agent is i2 Capital Markets Ltd. (phosagroconsent@i2capmark.com).
PhosAgro is a Moscow-based chemical holding company.
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