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
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