Israel Chemicals to sell $500 million 20-year notes at 6 3/8% yield

By Rebecca Melvin

New York, May 23 – Israel Chemicals Ltd. plans to price $500 million of 20-year notes (expected ratings:/BBB-/BBB-) to yield 6 3/8%, according to a syndicate source on Wednesday.

Pricing was initially talked in the 6½% area, and a maturity of 20- to 30-years had been planned.

BofA Merrill Lynch, Barclays, BNP Paribas and HSBC are the joint lead managers and bookrunners for the Rule 144A and Regulation S offering.

Proceeds are being used to repay existing debt and replace cash on hand following the repurchase of its 2024 notes.

Based in Tel Aviv, the issuer is a fertilizer and specialty chemicals company.

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