TEL AVIV, Israel, September 11 /PRNewswire-FirstCall/ -- Israel Chemicals Ltd. ("ICL") (TASE: ICL), a multinational fertilizer and specialty chemicals company, today announced the successful completion of its public offering of NIS 900 million (approximately $240 million) of its debentures to institutional investors and the public. The offering, originally planned to be for NIS 500 million, was made in two stages, the first stage to institutional investors and the second stage to the public. The debentures are rated ilAA+/Negative by Standard & Poor's Maalot.

Demand by institutional investors for the Company's debentures was strong with NIS 1.2 billion in subscriptions, reflecting the strong position of ICL in financial markets. Following that excess demand, the Company accepted NIS 680 million of the subscriptions from institutional investors. As a result of additional strong demand by the public, the Company decided to further increase the final size of the offering and to accept all the subscriptions.

    The placement consists of three tranches of the Company's debentures:

    - NIS 696 million of the Company's existing Series B
      debentures, maturing in approximately four years. Series B debentures
      are in nominal NIS. Their yield to maturity is 4.99%.

    - NIS 102 million of the Company's existing Series C
      Dollar-linked debentures, maturing in approximately four years, and
      paying a variable rate of interest of 2.4% above the 3-month Dollar
      LIBOR rate.

    - NIS 100 million in new Series D debentures, maturing at the
      end of 5 years. Series D debentures are in nominal NIS and pay a
      variable rate of interest of 1.45% above the 3-month TELBOR rate (the
      Interbank rate for NIS)

The sale of debentures was authorized by ICL's Board of Directors as part of its efforts to diversify the Company's sources of funding. The proceeds will be used for its future needs, including potential mergers and acquisitions.

The placement was led by Poalim IBI, Leumi Partners and Apex Underwriting.

About ICL

ICL is one of the world's leading fertilizer and specialty chemicals companies. For a world challenged by population growth and scarce resources, ICL makes products that increase global food and water supplies and improve industrial materials and processes.

ICL produces approximately a third of the world's bromine and approximately 9% of its potash. ICL is a leading supplier of fertilizers in Europe and a major player in specialty fertilizer market segments. One of the world's most integrated manufacturers and suppliers of phosphate products, ICL has become the world's leading provider of pure phosphoric acid and a major specialty phosphate player.

ICL is comprised of three core segments: ICL Fertilizers, ICL Industrial Products and ICL Performance Products. Its major production activities are located in Israel, Europe, the US, South America and China, and are supported by major global marketing and logistics networks. ICL benefits from exclusive concessions to extract minerals from Israel's Dead Sea, a vast source of high-quality and low-cost potash, bromine, magnesium chloride and sodium chloride. ICL also mines phosphate rock from Israel's Negev Desert and potash and salt from its mines in Spain and the UK.

The Company recorded net income of $2.2 billion on $6.9 billion in revenues in 2008.

    ICL's shares are traded on the Tel Aviv Stock Exchange (TASE: ICL).

    PRESS CONTACT
    Fleisher Communications and Public Relations
    Amiram Fleisher
    +972-3-6241241
    amiram@fleisher-pr.com

SOURCE ICL - Israel Chemicals Ltd