Email library does not send email through SMTP on PHP 8.2

[DimitriyKuschel]

When trying to send email through the SMTP via Email library getting following output:

220 mail.adm.tools ESMTP ready
hello: 501 5.5.4 Invalid argument
The following SMTP error was encountered: 501 5.5.4 Invalid argument
Unable to send email using PHP SMTP. Your server might not be configured to send mail using this method.

SMTP settings are correct, PHPMailer can send email with the same settings and the same content without any issues. Code to send email with codeigniter 3.1.13 works fine on PHP 7.4 without any change.