Australia's Incitec may raise up to A$1 bln-paper

SYDNEY, July 25 (Reuters) - Incitec Pivot Ltd (IPL.AX), Australia's top fertiliser maker, is considering raising up to A$1 billion ($960 million) to boost its balance sheet and finance expansion, the Australian Financial Review said on Friday.

Without citing the source of its information, the business daily said Incitec has lined up Credit Suisse and Citigroup as underwriters for an equity capital raising, but it was not clear whether the company's board had committed to the plan.

The paper said fund managers believed Incitec was more likely to use the money to expand than to pay down the A$2.4 billion of debt it took on in its recent acquisition of explosives maker Dyno Nobel.

The company may be considering recommissioning an ammonium nitrate plant in Australia and may also expand a phosphate plant as demand grows, the paper said.

In May, Incitec reported its first-half profit more than tripled to a record, spurred by soaring prices amid a global agricultural boom. (Reporting by Jonathan Standing)