EuroChem Group AG, a leading global fertilizer company, has announced a second return to the public debt markets in the space of a month with the successful issue of exchange-traded bonds to the value of 19 billion rubles (US$293 million) by its Russian subsidiary MCC EuroChem.
The coupon rate for the three year RUB bond issue was set at 8.55%. The book, with 65 bids, was more than 1.5 times oversubscribed, requiring price guidance to be revised four times during book-building. As a result, the Group almost doubled the issue amount.
“This is the Group’s second successful transaction in the debt capital markets in less than a month,” said Kuzma Marchuk, EuroChem Group Acting Chief Executive Officer and Chief Financial Officer. “The bond issues have enabled us to refinance 2019 - 2020 maturities well ahead of their expiry date, in line with our conservative financial policy.”
The offering was organised by PJSC FC Otkritie bank, PJSC ROSBANK and JSC Sberbank CIB. BK Region and ACB Peresvet were the co-managers of the offering. Settlement agent was PJSC ROSBANK.
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