Israel Chemicals has completed a $15 million offering of convertible debentures to institutional investors.
The offering follows an issue of $60 million worth of debentures to institutionals, which the company announced in late September.
Altogether ICL, which is controlled by the Israel Corporation, has raised $75 million in this debt issue.
The offering was led by Merrill Lynch outside Israel, and Israel Brokerage & Investments in Israel.
Basking in the success of its $60 million offering, ICL had considered raising another $30 million. Ultimately it settled for half that amount.
The bonds reach maturity in six years, on October 8, 2007. The conversion price was set at NIS 5. Unconverted bonds will bear relatively low interest of 1.5%, linked to an underlying dollar rate.
The last interest payment will be made on October 10, 2007 together with payment of the principal and redemption premium.