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Makhteshim Agan Successfully Completes Debt Financing of NIS 1.08 Billion
Jan. 19, 2012
Makhteshim Agan Group (MAI) announced today the results of the public tender for the purchase of the Company's Series B and D debentures and completion of the entire debt financing. The purpose of the issue of NIS 1.08 billion (about USD 300 billion), which the Company announced last week, is to refinance debentures that matured in November and to fund the Company's continuing growth.
Last week the Company responded to major demand during the institutional tender, and yesterday completed the process by responding to very substantial demand from the public for Series D debentures. To meet the demand Makhteshim Agan exercised its green shoe right, and institutional investors that submitted offers at the tender price were allotted only 57% of their orders. The confidence placed in the Company by the public and the Israeli capital market allows Makhteshim Agan to strengthen its financial structure.
The Company raised NIS 1.08 billion by expanding two series, as follows:
In the Company's Series B with an average weighted maturity of 10.6, the Company will issue NIS 513 thousand nominal value of debentures with a value of NIS 518.6 million at a price of NIS 1,010 per unit.
In the Company's Series D with an average weighted maturity of 2.6, the Company will issue NIS 540 thousand nominal value of debentures with a value of NIS 563.2 million at a price of NIS 1,042 per unit.
Source: Makhteshim Agan News Release
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