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PhosAgro plans US$150M bond buyback, new note offering

Russian fertilizer producer PJSC PhosAgro is planning the sale of a new batch of dollar-denominated eurobonds, Interfax reported Jan. 9, citing an anonymous banking sector source, as the company offered to buy back up to US$150 million of its 3.95% notes due in 2021.

The top European phosphate-fertilizer producer will hold a roadshow in London and Boston on Jan. 13-14 for the offering, which is expected to take place Jan. 15, according to the state-owned news agency. The tenor of the new paper is five to seven years, and the placement is being organized by VTB Capital, Gazprombank, JP Morgan, BofA Securities, Citi, Sberbank CIB, and Renaissance Capital, the report said.

Meanwhile, PhosAgro issued a tender offer for up to US$150 million of its 3.95% 2021 notes issued in 2017. The company is offering US$1,001.25 per US$1,000 face value with a final deadline of Feb. 6, plus an early tender payment of US$30 apiece for early acceptance before Jan. 23.

The US$1,031.25 bid represents a premium of 40 to 50 basis points to the market price before the announcement, according to BCS Global Markets fixed-income analyst Yuri Golban.

The refinancing will improve the company's debt maturity profile and reduce its interest expenses, Golban noted, adding that the debt traded at about 102.6% of face value before the announcement.

"Other issuers may follow PhosAgro and repurchase papers maturing in 2020-21," Golban wrote. "Such companies likely include Severstal, Norilsk Nickel and EuroChem."

As of Sept. 30, 2019, PhosAgro's net debt was 122.9 billion Russian rubles.

As of Jan. 9, US$1 was equivalent to 61.32 Russian rubles.