ICL Raises $800 Million in Bond Offering as Demand Triples

Chemical company ICL, formerly Israel Chemicals, raised $800 million in an issuance of senior unsecured bonds. Demand for the offering reached $2.6 billion, mainly from foreign investors. International investors bought most of the bonds, though a small portion was purchased by Israeli institutional investors, who also sought to participate in the offering. The bonds are scheduled to mature in 2036. The company will pay interest of 6.036% a year, in semiannual payments, and the principal will be repaid in a single payment at the end of the term. The company plans to use the proceeds to partially or fully repay the remaining debt under its revolving credit facility, which matures in 2030 and totals $1.55 billion. In 2030, the state is expected to renew the Dead Sea concession and issue a tender on the matter. ICL is expected to take part in the tender, but that did not prevent foreign investors in particular from placing demand for the offering.