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ICL Group Completes €140m Loan From International Bank Consortium
February 9, 2004
Israel Chemicals Ltd. (ICL) has announced that a consortium of eight leading international banks has granted the ICL Group a loan of €140 mil (approximately USD $175 mil). The banks in the consortium include Citibank, Sumitomo Mitsui Banking Corp. Europe, Banco Bilbao, Allied Irish Banks, Dresdner Bank, Commerzbank, Rabobank Nederland, and Banque Artesia Nederland. According to the terms of the agreement, the loan will be repaid in one "bullet" payment after three and a half years, and bears interest of 1.05 percent over LIBOR per year. Commenting on the news, Akiva Mozes, president and CEO of the ICL Group, said, "This loan will strengthen our financial stability and help us take advantage of market opportunities. The willingness of these prestigious banks to grant us a loan of this magnitude and interest rates demonstrates the belief of the international financial community in the potential of the ICL Group. These funds will give us the flexibility we need to pursue our vision and to carry out our global strategies."