Makhteshim-Agan bond raises four times planned amount

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There was demand for the bond issue from more than 100 Israeli and foreign institutional investors.

Crop protection manufacturer Makhteshim Agan Industries Ltd. (TASE: MAIN) yesterday raised NIS 1.2 billion in a bond issue that was only designed to raise NIS 300 million. There was demand for the bond issue from more than 100 Israeli and foreign institutional investors.

Makhteshim Agan chairman and CEO Avraham Bigger had hoped to raise NIS 300 million from the bond issue. But with demand for NIS 1.6 billion the company's management decided to raise NIS 1.2 billion - four times the planned amount.

The new bond issue yields 4% in two series - the first linked to the CPI over three years and the second shekel linked over 4.5 years.

Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2009