Israel's ICL Group reaches agreement on $125 million private placement

By Reshmi Basu

New York, Dec. 23 - Israel Chemicals Ltd. said it has reached an agreement with a group of international institutional investors on a $125 million international private placement.

The amount of the placement was increased from $100 million to meet excess demand and is expected to close at the end of January.

The notes will carry a maturity of five to 10 years, with an eight-year average and also bear interest rates ranging from Libor plus 100 to 115 basis points, depending on the maturity.

"The funds raised will strengthen the financial position of the group, extending the average term to maturity of its outstanding debt and positioning it to capitalize on business opportunities as they arise," according to a company press statement.

Deutsche Bank AG arranged the private placement.

The company, based in Tel Aviv, is a multinational fertilizer and specialty chemicals company.

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