PhosAgro still thinks Eurobonds are unattractive for refinancing, to make decision at yearend
MOSCOW. Aug 19 (Interfax) - PhosAgro will make a decision about the placement of Eurobonds at the end of the year, taking the market situation into account, for now it does not think the rate is attractive, the company's press service told Interfax.
"Today we think that Eurobonds are not such an attractive instrument as they were when there was the debut placement. Now the use of Eurobonds for refinancing the current borrowings portfolio is not completely economically justifiable," PhosAgro said.
"Therefore we are continuing to attentively follow the level of market rates, and a final decision will be made with account of the current situation at the end of the year," the company said.
Last week PhosAgro CFO Alexander Sharabaiko said that the company is continuing to discuss options for refinancing Eurobonds for $500 million with maturity in 2018, both through a new issue and through bank financing, in particular PXF. PhosAgro CEO Andrei Guryev in June said that the rate that might interest the company should be "as a minimum lower than the coupon on placed Eurobonds."
In February 2013 PhosAgro placed debut five-year Eurobonds for $500 million with yield of 4.204% per annum.
