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MAI raises new funds

China National Chemical Corporation (ChemChina) subsidiary Makhteshim-Agan Industries (MAI) has raised NIS 1,100 million ($287 million at the current rate) through debentures sales. The funds are part debt re-structuring of debentures that matured in November 2011 and part for investment. The sale was oversubscribed with investors committing up to NIS 1,600 million ($417 million), which “underscores the confidence of Israeli investors in MAI”, the company says. A little over half of the new issue matures in over ten years, the rest in two and a half years. The company expects to complete the tender on January 16th.

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