EuroChem places USD 750m Eurobond

Moscow, December 12, 2012, EuroChem, one of the world’s top ten agrochemical companies, today announced that it completed a Eurobond issue. This was the second time the company approached the Eurobond market, having earlier this year repaid its debut Eurobond issue placed in March 2007. With a yield of 5.125%, the benchmark USD 750 million bonds issue is due December 12, 2017.

Andrey Ilyin, EuroChem CFO, commented, “We are pleased with our re-entry in the international debt capital markets. EuroChem’s set of advantages allowed us to build an order book more than 6 times oversubscribed.” Alexander Gavrilov, Head of Corporate Finance, added “This capital markets transaction brings welcome diversification to our financing profile which we plan to maintain going forward.”

The company had two teams on the road conducting investor meetings in London, Los Angeles, Boston and New York between November 30 and December 4.

The issue was jointly coordinated by Barclays, BNP Paribas, Citigroup, and Sberbank CIB. A total order book of over USD 5 billion reflected the strong investor demand.

Fund managers and financial institutions represented 85% of the issue and the United States accounted for 44% of allocations, while the UK and the rest of Europe accounted for 24% and 21%, respectively. The Eurobonds will be listed on the Irish Stock Exchange.

The issue was rated BB by Standard & Poor’s and Fitch Ratings assigned the issue an expected rating of BB, in line with EuroChem’s corporate rating

Share this post
All announcements