By Rebecca Melvin
New York, May 23 – Israel Chemicals Ltd. priced $600 million of 6 3/8% 20-year notes (expected ratings: BBB-/BBB-) at par on Wednesday, according to a news release.
The deal size was increased from $500 million initially talked, pricing was tightened from the 6½% area and the maturity came at the short end of 20- to 30-year range being considered.
BofA Merrill Lynch, Barclays, BNP Paribas and HSBC were 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.
The notes are being listed on the institutional investors trading system of the Tel Aviv Stock Exchange.
Based in Tel Aviv, the issuer is a fertilizer and specialty chemicals company.
| Issuer: | Israel Chemicals
|
| Amount: | $600 million
|
| Maturity: | May 31, 2038
|
| Description: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, BNP Paribas and HSBC
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Trade date: | May 23
|
| Settlement date: | May 31
|
| Expected ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% area
|
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