The Company uses a conservative approach to leverage and believes that a comfortable net debt/EBITDA ratio should be below 2х or even within a range of 1–1.5х in the long run. When determining its borrowing requirements, the Company assesses the cost of borrowing from banks and public debt markets, the amount and maturity available while striving to ensure that this fits into the Group’s long-term debt reduction strategy. The choice of the currency of borrowings is based on the structure of the Company’s revenue, 70% of which is in foreign currency and the rest is strongly correlated with US Dollar exchange rate.
|Borrower||PJSC PhosAgro||PJSC PhosAgro||PJSC PhosAgro|
|Issuer||PhosAgro Bond Funding Limited||PhosAgro Bond Funding Limited||PhosAgro Bond Funding Limited|
|Settlement date||3 May 2017||24 January 2018||23 January 2020|
|Principal outstanding, USD||500,000,000||500,000,000||500,000,000|