New York, March 22 - Makhteshim Agan priced $145 million convertible bonds with a 1.75% coupon and a conversion price of NIS 20.50.
The Tel Aviv, Israel crop protection products company sold the bonds via lead manager Merrill Lynch to investment banks and institutional investors in Israel and other countries. The convertibles will not be registered.
"We see this offering as another important step in increasing our financial flexibility' commented Shlomo Yanai, Makhteshim Agan's chief executive officer, in a news release. He added that "the amount raised will allow the company to continue its growth momentum in the coming years, based on the company's multi-year strategic plan, while expanding its share in global markets."
| Issuer: | Makhteshim Agan
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| Issue: | Convertible bonds
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| Amount: | $145 million
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| Maturity: | 7 years
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| Coupon: | 1.75%
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| Conversion price: | NIS 20.50
|
| Put: | In year 3
|
| Call: | Three years onwards
|
| Underwriter: | Merrill Lynch
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