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Bethel Finance news:
Israel Chemicals Ltd. (TASE: ICL) has obtained a five-year $650 million loan from a syndicate of seven international banks: Citigroup Inc. (NYSE: C), Commerzbank AG (DAX: CBK), Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corporation, Rabobank BV, HSBC Holding plc (LSE: HSBA; HKSE: 005; NYSE, Paris: HBC), and BBVA SA.
The loan bears LIBOR plus 1% annual interest. If Israel Chemicals draws more than $215 million in a single tranche, the interest rate will be increased by an additional 0.2-04 percentage points.
Israel Chemicals said, "The amount of the new loan and the low interest spread reflect the company's strong standing in international financial markets, and the banks' confidence in the company despite the global economic upheaval and uncertainty."
The new credit line replaces the previous $725 million five-year credit line taken in August 2007, which will be repaid in full, a year ahead of the original repayment date.
Israel Chemicals' share price rose 0.1% in morning trading to NIS 39.71, giving a market cap of NIS 50.4 billion.
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