Adama raises funds to cover debt payments
ChemChina subsidiary Adama Agricultural Solutions has raised some NIS 700 million ($178 million) through the issue of debt. Strong demand from institutional investors emerged with orders of over three times the funds the company sought at around NIS 1,800 million. The oversubscription led Adama to increase the fundraising to close to NIS 700 million in immediate proceeds, with an additional approximately NIS 350 million in potential future funding to be received upon exercise of options, it says. The closing offer price was higher than the market price, and investors who submitted orders at the closing price were allotted 87% of their orders, the company adds. The funds will be used to refinance existing debt.