Success for the Institutional Tender of Makhteshim Agan's Debentures
TEL-AVIV, Israel, January 12, 2012 /PRNewswire/ --
The Company Will Raise Approximately 1.1 Billion NIS ($250 Million)
More Than Half of the Financing was Allocated to Debentures With Final Maturity of 2036
Purpose of the Raise is to Refinance Existing Debt and Fund the Company's Growth
Makhteshim Agan Group (MAI) announced today the results of the institutional tender for the purchase of the Company's debentures Series B and D. The purpose of the financing totaling approximately NIS 1.1 billion (approx. USD 250 million), which the Company announced last week, was to replace debentures that matured in November 2011 and to fund MAI's growth.
Strong demand of over NIS 1.6 billion underscores the confidence of Israeli investors in MAI. This funding represents an additional layer in the financial structure of the largest off-patent player in the crop protection area.
The Company has carried out two tenders for institutional investors:
- For Series B which carries a duration of approximately 10.6 years the Company recorded total demand of approximately NIS 765 million. The Company met advance purchase commitments of NIS 590 thousand nominal value of debentures at total value of NIS 509 million and a price of 1,010 NIS per unit.
- For Series D which carries a duration of approximately 2.6 years the Company recorded total demand of approximately NIS 940 million. The Company met advance purchase commitments of NIS 520 thousand nominal value of debentures at total value of NIS 446 million and a price of 1,042 NIS per unit.
The Company is expected to complete the tender to the public on Monday January 16th, 2012 and to register the debentures for trading shortly thereafter.
Contact:
Rony Patishi-Chillim
Head of Global Corporate Communications
Email: [email protected]
Phone Number: +972-73-2321131
SOURCE Makhteshim Agan Group,
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