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Uralkali Does $1Bln Buyback

Potash producer Uralkali bought back the majority of its debut exchange bond issue on Monday, the company said in a statement.

The company said the price of the buyback was about 30.9 billion rubles ($1.06 billion), which is 103 percent of the nominal value. VTB Capital was the buyback agent. Uralkali placed the issue in February. The first coupon rate was set at 8.25 percent.

The funds raised from the issue were used to finance the acquisition of a 20 percent stake in rival Silvinit to facilitate the merger of the companies.

(Interfax)

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