By Rebecca Melvin
New York, Jan. 18 – PhosAgro Bond Funding DAC a subsidiary of Russia’s PJSC PhosAgro, priced $500 million 3.949% 5.25-year senior loan participation notes (Ba1/BBB-/BB+) at par, according to market sources on Thursday.
Pricing, which occurred on Wednesday, was tightened from guidance in the 4 1/8% area, plus or minus 12.5 basis points, and tightened from initial talk for a yield in the 4 3/8% area.
The order book was more than five times oversubscribed.
The Rule 144A and Regulation S notes are guaranteed by JSC Apatit, PhosAgro's mining and production subsidiary.
Joint bookrunners were BofA Merrill Lynch, Citigroup, JPMorgan (global coordinators), Sberbank CIB, VTB Capital, Raiffeisen Bank International, Renaissance Capital, Societe Generale, UBS and UniCredit.
Proceeds are earmarked to repay the Moscow-based chemical holding company’s outstanding 4.204% notes due Feb. 13, 2018.
| Issuer: | PhosAgro Bond Funding DAC
|
| Guarantor: | PJSC PhosAgro’s JSC Apatit
|
| Description: | Senior loan participation notes
|
| Amount: | $500 million
|
| Maturity: | 2023
|
| Bookrunners: | BofA Merrill Lynch, Citigroup, JPMorgan (global coordinators), Sberbank CIB, VTB Capital, Raiffeisen Bank International, Renaissance Capital, Societe Generale, UBS and UniCredit
|
| Coupon: | 3.949%
|
| Price: | Par
|
| Yield: | 3.949%
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 24
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3.95%, tightened from guidance of 4 1/8% area, plus or minus 12.5 bps, and initial talk in of 4 3/8% area
|
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