By Jennifer Chiou
New York, Sept. 11 - Israel Chemicals Ltd. said it completed a two-stage private placement of NIS 898 million of its debentures in three tranches.
The securities were first offered to institutional investors and then to the public.
The debentures are rated AA+ by Standard & Poor's Maalot.
The company said it originally planned for NIS 500 million of debentures, and demand came in at NIS 1.2 billion of subscriptions.
Following the excess demand, the company accepted NIS 680 million of subscriptions from institutional investors. And with even more demand from the public, the company opted to augment the final size of the offering while accepting all subscriptions.
The first tranche is for NIS 696 million of the company's existing four-year series B debentures with a yield to maturity of 4.99%.
The second tranche is for NIS 102 million of four-year series C floating-rate debentures priced at par to yield Libor plus 240 basis points.
The third tranche is for NIS 100 million of five-year series D debentures in nominal NIS with interest at Telbor plus 145 bps.
Proceeds will be used for future needs, including potential mergers and acquisitions.
The placement was led by Poalim IBI, Leumi Partners and Apex Underwriting.
The company, based in Tel Aviv, is a multinational fertilizer and specialty chemicals company.
| Issuer: | Israel Chemicals Ltd.
|
| Issue: | Debentures
|
| Total amount: | NIS 898 million
|
| Underwriters: | Poalim IBI, Leumi Partners and Apex Underwriting
|
| Settlement date: | Sept. 11
|
| Rating: | Standard & Poor's Maalot: AA+
|
|
|
| First tranche
|
| Issue: | Existing series B debentures
|
| Amount: | NIS 696 million
|
| Maturity: | Four years
|
| Coupon: | 4.99%
|
| Price: | Par
|
| Yield: | 4.99%
|
|
|
| Second tranche
|
| Issue: | Libor-linked series C debentures
|
| Amount: | NIS 102 million
|
| Maturity: | Five years
|
| Coupon: | Libor plus 204 bps
|
| Price: | Par
|
| Yield: | Libor plus 204 bps
|
|
|
| Third tranche
|
| Issue: | NIS-linked debentures
|
| Amount: | NIS 100 million
|
| Maturity: | Five years
|
| Coupon: | Telbor plus 145 bps
|
| Price: | Par
|
| Yield: | Telbor plus 145 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
