Russian fertiliser major Eurochem is placing an issue of 4-year Eurobonds, Prime reported on June 27, citing unnamed banking sources.
Reportedly the yield guidance for the US-dollar denominated issue is 4.375%. The issue follows a road show held by the company in Switzerland and UK, organised by Citi, JP Morgan, Credit Agricole CIB, Sberbank CIB, and UniCredit.
Eurochem said earlier that it was planning a Eurobond issue of up to $600mn, yielding up to 4.5% annually.
In October 2016, Eurochem placed an issue of its 3.5-year, $500mn Eurobond, with the yield announced at 4.25%, closing at 3.80%, and demand exceeding $1.8bn.
“The new placement allows the company to move ahead with optimisation of its debt redemption schedule, substantially reducing the peak ($1.4bn as of end of June 2016) in 2017,” Gazprombank said in a research note last October.
“Given the current strong market, we do not expect the company to face any major hurdles should it be necessary to revise covenants or obtain waivers,” Gazprombank concluded, adding that “we are upbeat about the company’s financial discipline as well as the willingness and ability of its shareholder to support the business”.
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