Support The Moscow Times!

Uralkali Buys Back Bonds

Uralkali will buy back as much as 30 billion rubles ($1.06 billion) of bonds on Aug. 22, it said in a statement.

The company has sufficient cash flow to repay most of the bonds after potash prices surged this year, spokesman Alexei Sotskov said Friday. Uralkali sold two-year bonds with an 8.25 percent coupon in February to help fund the acquisition of a 20 percent stake in rival Silvinit.

Uralkali hedged its ruble bonds with currency swaps and now plans to benefit from terminating the arrangement, given the ruble's appreciation against the dollar since February.

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.