ICL secures record loan

Israel Chemicals Ltd. announced on Tuesday that it has secured a $725m. loan from a group of 17 banks, the largest- ever international loan obtained by an Israeli company.

Israel Chemicals Ltd. announced on Tuesday that it has secured a $725m. loan from a group of 17 banks, the largest- ever international loan obtained by an Israeli company. According to the agreement, the loan is for a period of five years and will be repaid in full at the end of the period. The loan carries an interest rate of 0.45 percent over the London Interbank Offered Rate and replaces an existing $250m. loan, secured in 2005 at an interest rate of 0.60% over LIBOR, Tel Aviv-based Israel Chemicals said. ICL believes that its success in securing this significant loan at such a low margin, together with the prestige of the large number of international banks participating in the transaction, confirm the strong standing that ICL has achieved in international financial markets