Uralkali made a payment of $109 million via PFX from blocked funds – Kommersant
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Uralkali made a payment on its syndicated debt (PXF) using funds blocked in collateral accounts. The company repaid its debt in the amount of RUB 9.332 billion. ($109 million). This follows from the company’s IFRS report for the first half of 2023, published on portal disclosure of corporate information. In March 2022, Uralkali was unable to make a PXF payment through the agent Credit Agricole, since the company’s co-owner Dmitry Mazepin was subject to EU and UK sanctions.
According to the report, during the said period, the lending agent Credit Agricole Corporate & Investment Bank received approvals from the local regulatory authority that were necessary to service the syndicated pre-export loans. The document reports that on June 19, 2023, the company signed an agreement with the credit agent that allows the blocked funds to be written off to pay off the debt.
In March 2022, Uralkali was unable to make a payment via PFX. In June, the head of Uralkali Vitaly Lauk reported “Kommersant” that this was caused by the imposition of sanctions, as well as “the actions or inactions of a credit agent located in an unfriendly jurisdiction.” Credit Agricole Corporate & Investment Bank is a division of the French banking group Credit Agricole, the largest in the country after BNP Paribas.
By data Interfax, we are talking about sanctions against the ex-CEO of the company Dmitry Mazepin. Having fallen under EU sanctions in early March, he transferred control of the Uralchem group to the chairman of the company’s board of directors, Dmitry Tatyanin, and general director Dmitry Konyaev. Dmitry Mazepin retained control of 48% of the shares of Basic Chemical Company Uralchem LLC, which fully controls Uralkali PJSC. According to Uralkali, the credit agent has no grounds for refusing to accept payment under PFX, since Mr. Mazepin is no longer the controlling person of the company.
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