Chile's SQM board approves issue of up to 2.5 million UF of bonds

By Marisa Wong

Madison, Wis., Dec. 16 - The board of directors of Sociedad Quimica y Minera de Chile SA (SQM) approved a proposed issuance of bonds and their registration with the Chilean Superintendence of Securities and Insurance, according to a 6-K filing with the Securities and Exchange Commission.

The board agreed unanimously to the issuance at its meeting on Dec. 13.

The company will issue two tranches of the bonds. The first tranche will be for up to 2.5 million UF (Unidad de Fomento, or indexed monetary units) and will have a maturity of up to 10 years. The second tranche will also be for up to 2.5 million UF but will have maturity of up to 30 years.

Between the two tranches, SQM may only place a total of up to 2.5 million UF.

Proceeds from the bond issuance will be used to pay or prepay short- and/or long-term liabilities and to finance investments.

SQM is a Santiago, Chile-based supplier of specialty fertilizers and inorganic industrial chemicals.

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