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MAI raises refinancing and acquisition funds

ChemChina subsidiary Makhteshim-Agan Industries (MAI) raised NIS 678 million ($184 million at the current rate) last month. The company is seeking to refinance its debt and add investments, “including bolt-on acquisitions”. It welcomed “strong” demand for the offer, with institutional investors getting just 60% of what they sought. The private placement comes from an expansion of the company's existing series B debentures, the final redemption of which comes in 2036, it says.

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