Russian potash producer PJSC Uralkali said June 3 that it signed a five-year pre-export facility with 13 international banks for two tranches of US$725 million and €650 million.

The company will use the funds to refinance existing debt and for general corporate purposes.

The dollar-denominated tranche bears an interest rate of the London interbank offered rate plus 190 basis points. The rate for the euro-priced portion is the Euro interbank offered rate plus 170 basis points.

In April, S&P Global Ratings revised its outlook on Uralkali to positive from stable, citing improving fertilizer prices and a weakened Russian ruble. The rating agency kept the company's long-term issue credit rating at BB-.

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