ICL Completes NIS ~1.57 Billion Placement of Series E Debentures

Apr 06, 2016, 16:37 ET from ICL

TEL AVIV, Israel, April 6, 2016 /PRNewswire/ --

-- Offering of notes maturing over a period of 5-8 years paying interest at 2.45% --  

            -- Debt issue increased to NIS ~1.57 billion from NIS 1.25 billion due to strong demand -- 

ICL (NYSE and TASE: ICL), today announced that it completed a placement of its Series E debentures for the gross consideration of NIS ~1.57 billion (~$413 million). The notes mature within a period of five to eight years (from 2021 to 2024) and bear interest at 2.45% per annum, payable semi-annually. Most of the proceeds will be used to partially repay a revolving credit facility obtained in March 2015.

The funds raised from the sale of the Series E debentures, which are unsecured, will strengthen the company's financial position, extend the average term of maturity of its outstanding debt and better position ICL to take advantage of potential business opportunities. ICL originally planned to place NIS 1.25 billion of the Series E debentures, but increased the size of the commitment due to strong demand by Israeli institutional investors for in excess of NIS 3.5 billion of the bonds. The success of the bond offering demonstrates the continuing confidence of Israel's capital markets in ICL's financial strength and the company's strategic focus and direction.

The offering was made in Israel to residents of Israel only, and the debentures will not be registered under the U.S. Securities Act of 1933, as amended, nor offered or sold in the US. The debentures will be listed for trading on the Tel Aviv Stock Exchange.

About ICL  

ICL is a global manufacturer of products based on specialty minerals that fulfill humanity's essential needs primarily in three markets: agriculture, food and engineered materials.

ICL produces approximately a third of the world's bromine, and is the sixth largest potash producer, as well as the leading provider of pure phosphoric acid. It is a major manufacturer of specialty fertilizers, specialty phosphates and flame retardants. ICL's mining and manufacturing activities are located in Israel, Europe, the Americas and China, and are supported by global distribution and supply networks.

The agricultural products that ICL produces help to feed the world's growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. The food additives that ICL produces enable people to have greater access to more varied and higher quality food. ICL's water treatment products supply clean water to millions of people as well industry around the world. Other substances, based on bromine and phosphates, help to create energy that is more efficient and environmentally friendly, prevent the spread of forest fires and allow the safe and widespread use of a variety of products and materials.

ICL benefits from a number of unique advantages, including its vertically integrated activities and complementary and synergistic downstream operations for the production of unique end products; its balanced and varied product portfolio in growing markets; broad presence throughout the world and proximity to large markets, including in emerging regions.

ICL operates within a strategic framework of sustainability that includes a commitment to the environment, support of communities in which ICL's manufacturing operations are located and where its employees live, and a commitment to all its employees, customers, suppliers and other stakeholders.

ICL is a public company whose shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). 46.2% of ICL's equity is held by Israel Corp., 13.9% by Potash Corporation of Saskatchewan and the remainder by the public.

The company employs approximately 14,000 people worldwide, and its sales in 2015 totaled US$5.4 billion. For more information, visit the company's website at http://www.icl-group.com.

Amiram Fleisher
Fleisher Communications

Limor Gruber
Head of Investor Relations, ICL