7th Nov 2012 15:36
For Immediate Release 7 November 2012
PhosAgro Receives Bank Guarantee from VTB Bank for Apatit Minority Buyout
Moscow - PhosAgro ("PhosAgro" or "the Company") , a leading global vertically integrated phosphate-based fertilizer producer, announces that it has signed a bank guarantee agreement with VTB for the purposes of the mandatory buyout of Apatit shares.
In accordance with article 84.2 of the Federal Law No. 208-FZ On Joint Stock Companies dated 26 December 1995, as amended, PhosAgro is obliged to make a buyout offer in respect of the ordinary and preferred shares currently owned by Apatit's minority shareholders.
The RUB 7.785 billion bank guarantee is valid from 6 November 2012 until 18 September 2013.
On the 4 September 2012 PhosAgro won the tender for disposal of the Russian Federation's 20% stake in Apatit and increased its stake in the Apatit's share capital from 57.57% to 77.57%.
For further information please contact:
OJSC PhosAgro+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsSam [email protected]+44 (0) 20 7920 2356Notes to EditorsAbout PhosAgro
PhosAgro is one of the leading global vertically integrated phosphate-based fertiliser producers. The Company focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%), as well as ammonia and nitrogen-based fertilisers. The Company is the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the second largest MAP/DAP producer in the world (excluding China), according to Fertecon.
PhosAgro has 2.1 billion tonnes of resources (according to JORC as of 1 June 2011) of high quality apatite-nepheline ore, representing over 75 years of production (at current production levels). The Company also controls substantial Al2O3 resources, and has more than 41% of Russia's rare earth oxides resources.
The Company's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro reported 2011 IFRS revenue of USD 3.4 bln and 2011 EBITDA of USD 1.2 bln. As of 31 December 2011, the Сompany's net debt / EBITDA ratio was equal to 0.43x.
For further information on PhosAgro please visit: www.PhosAgro.com
Related Shares:
Phosagro S