JERUSALEM, Jan 22 (Reuters) - Israel’s Adama Agricultural Solutions said on Thursday it raised 700 million shekels ($178 million) in a private bond offering, just two months after postponing a New York initial public offering.
The world’s largest provider of generic crop protection products said demand reached 1.8 billion shekels, much more than what the company initially sought to raise, and that the bonds expanded an existing debt series.
“The approximately 700 million shekels in proceeds, as well as approximately 350 million shekels in potential additional debenture funding to be received upon exercise of options, will be used to refinance existing debt,” it said.
The investors in the offering included leading Israeli insurance companies and provident funds, Adama said.
Adama on Wednesday said it planned to raise 400 million shekels in bonds.
In November, Adama postponed a planned IPO of nearly $500 million citing adverse market conditions. It had planned to use the proceeds from the New York Stock Exchange listing to buy several companies in China from China National Chemical Corp (ChemChina).
ChemChina owns 60 percent of Adama while Israel’s Discount Investment Corp owns the rest.
$1 = 3.9370 shekels Reporting by Ari Rabinovitch; editing by Jason Neely