PhosAgro offered Eurobond holders to change the terms of service for the second time
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PhosAgro has scheduled a vote among the holders of its Eurobonds. The company invited investors to revise the terms of servicing Eurobonds 2023, 2025 and 2028 years of release. This was reported by the press service of the company. Previously, she had already tried to get investors’ consent to change the payment scheme for Eurobonds, but the proposals were rejected.
PhosAgro asks Eurobond holders to agree on an alternative payment mechanism and increase the grace period to 14 calendar days. The Company also asks to be allowed, at its sole discretion, in some cases, to choose an alternative currency for making payments. The amount of payment will be equal to the dollar equivalent at the rate of the Central Bank of Russia on the date of payment.
Voting is set for September 22 at 4:15 pm London time. It will be held via teleconference.
In August, PhosAgro already held voting among Eurobond holders. The company asked to agree on direct payments to some Eurobond holders and to allow payments to be made in alternative currencies. PhosAgro also requested permission for the potential re-domiciliation (re-registration of a company in another country while maintaining the legal form, structure, etc.) of the Irish Phosagro Bond Funding DAC, an SPV company that issues Eurobonds, to another jurisdiction.
On August 18, PhosAgro announced that it had not received the required number of votes. The company needed to obtain the consent of the owners of at least 75% of the face value of Eurobonds.
Due to Western sanctions, the company faced problems with payments on Eurobonds. In July, Russian President Vladimir Putin signed a decree allowing companies to make Eurobond payments in rubles.
How Russian companies are trying to pay off Eurobonds – in the material “Kommersant” “Issuers dispersed according to strategies”.
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