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Prospect News home > News index > List of issuers P > Headlines for PJSC PhosAgro > News item
Published on 8/1/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

PhosAgro seeks consents to replace trustee for 2023, 2025, 2028 notes

By Marisa Wong

Los Angeles, Aug. 1 – PJSC PhosAgro is soliciting consents from holders of three series of loan participation notes issued by PhosAgro Bond Funding DAC and guaranteed by JSC Apatit through a written resolution, according to a notice.

The affected notes include the $500 million 3.949% loan participation notes due 2023, $500 million 3.05% loan participation notes due 2025 and $500 million 2.6% loan participation notes due 2028.

PhosAgro is seeking to replace Citicorp Trustee Co. Ltd. with i2 Capital Trust Corp. Ltd. as trustee; introduce new payment mechanics; and modify issuer substitution provisions.

Background

PhosAgro believes that due to blocking restrictions and sanctions targeting a number of Russian individuals and entities, there exists a risk that any payment received from the issuer or PhosAgro by Citibank, NA, London Branch as principal paying agent can be blocked, delayed or frozen, and consequently those funds will not be distributed among the noteholders by the principal paying agent.

As a result, the company is seeking to appoint a new trustee and to arrange for direct payments of interest to noteholders.

Solicitation details

With respect to each written resolution, holders of at least 75% of the aggregate principal amount of the outstanding notes of the respective issue are required to give their consent to the proposals.

Consent forms must be delivered by 11 a.m. ET on Aug. 17.

To participate, a holder must be holding the notes as of Aug. 15.

Consents may not be revoked.

The information and tabulation agent is i2 Capital Markets Ltd (phosagroconsent@i2capmark.com).

PhosAgro is a Moscow-based chemical holding company.


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