TSXV:AAA.P - Post by User
Post by
JR__Ewingon Nov 07, 2013 11:50am
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Post# 21885119
Coincidence?
Coincidence?$275 million would covered the equity part and the operating expense (salaries) until they hit production...
Israel's ICL Seeks Private Bond Placement in US
By Dow Jones Business News, November 07, 2013, 09:41:00 AM EDT
By Sara Toth Stub, Special to DOW JONES NEWSWIRES
JERUSALEM--In yet another attempt to diversify its capital, global potash producer Israel Chemicals Ltd. (ICL.TV) said Thursday that it would seek to raise $275 million of private debt in the United States.
This follows an announcement in August that the company, currently listed on the Tel Aviv Stock Exchange, would pursue a dual listing in either New York or London. ICL said its listing on the Israeli market doesn't attract enough international investors.
ICL, the world's sixth-largest producer of potash, a potassium-derived component used in agricultural fertilizer, has seen falling profits this year as potash prices have declined. In addition to the falling profits, ICL is worried about the Israeli government's current consideration to raise the royalties it collects on natural resources. ICL harvests its potash and other chemicals from the Dead Sea, which borders Israel, the Palestinian Authority and Jordan.
The bonds ICL hopes to issue will range from seven to 12 years and have annual interest of LIBOR plus 2.3 percentage point.
At 1405 GMT, shares of ICL were up 0.40 shekels($0.11), or 1.33%, at ILS30.50, in a higher Tel Aviv market.
Write to Sara Toth Stub at realtimedesklondon@dowjones.com
Subscribe to WSJ: https://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires 11-07-130941ET Copyright (c) 2013 Dow Jones & Company, Inc.