OREANDA-NEWS. Raiffeisen Bank and PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertiliser producer, announce a new credit line for PhosAgro-Cherepovets.

The USD 150 million credit line has a three-year term.

The borrowed funds will be used for PhosAgro-Cherepovets working capital, general corporate purposes, and refinancing of other loans.

Raiffeisen Bank Management Board Member and Head of Corporate Banking Oksana Panchenko said: “Raiffeisen Bank has for several years been working with PhosAgro and its subsidiaries. This credit line confirms our confidence that we will continue to work with the Company. I have no doubt that the borrowed funds will help our client implement its plans.”

PhosAgro CEO Maxim Volkov said: “With this loan agreement we have made further progress in the optimisation of our loan portfolio by replacing more expensive borrowings and by achieving a more balanced medium term repayment schedule. Our goal is to lower our overall borrowing costs and to reduce gross debt by over USD 250 million by the end of the second quarter of 2013.”