OREANDA-NEWS. PhosAgro (“the Company”, Moscow Exchange, LSE: PHOR), one of the world’s leading vertically-integrated phosphate-based fertilizer producers, has raised its debut pre-export financing with a syndicate of international banks. Societe Generale, PJSC Rosbank, and UniCredit Bank Austria AG acted as Coordinating Mandated Lead Arrangers, while АО UniCredit Bank and PJSC Rosbank acted as Passport Banks. 

The facility agreement was signed by PhosAgro subsidiary JSC PhosAgro-Cherepovets and the banks for a total amount of USD 250 million, with a four-year maturity. The Company plans to use the funds to refinance existing debt.  Drawdown of the facility will begin before the end of June.

PhosAgro CEO Andrey Guryev said: “I am pleased to note that the cost of foreign-currency financing for high-quality borrowers like PhosAgro has returned to an attractive level. This new PXF will be used for refinancing of existing short-term debt and refinancing of more expensive debt.  It will also serve as a benchmark transaction to test the appetite for the PhosAgro name, and to ensure we have a full range of financing options available, in anticipation of the USD 500 million Eurobond refinancing in 2018.”