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UPDATE 1-Russia's Phosagro secures $441 mln loan from Japanese banks
January 16, 2014 / 6:38 AM / 4 years ago

UPDATE 1-Russia's Phosagro secures $441 mln loan from Japanese banks

MOSCOW, Jan 16 (Reuters) - Russia’s PhosAgro , the world’s No.2 producer of phosphate fertilisers, said on Thursday it had secured a loan worth $441 million from the Japan Bank for International Cooperation (JBIC) and a group of other banks.

The loan will be used to build a new ammonia plant with annual capacity of 760,000 tonnes, the company said in a statement.

“We are likely to be the first publicly traded, private-sector company in Russia to receive funding directly from JBIC in recent years,” PhosAgro Chief Executive Andrey Guryev said.

JBIC will provide $264 million - 60 percent of the total - maturing in 13 years, while lenders BTMU, Citi Japan and Mizuho Bank will lend $176.2 million with a term of seven years, according to Phosagro.

The company saw profit fall 52 percent in the first nine months of 2013 due to flagging prices.

Phosagro shares, which lost 16 percent of their value in 2013, were trading up 1.7 percent at 0622 GMT.

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