Israel Chemicals Launches U.S. IPO

(RTTNews) - Israel Chemicals (ICL), a specialty minerals company that serves the agricultural, food and engineered materials end markets, Friday announced the commencement of its international initial public offering on the New York Stock Exchange.

As announced earlier today by Israel Corp ("ILCO"), 62 million ICL ordinary shares currently owned by ICL's majority shareholder, ILCO, are expected to be sold in a secondary offering and ICL will not receive any proceeds from the offering.

ILCO expects to grant the Underwriters a 30-day option to purchase up to 6.2 million additional Shares.

A portion of ILCO's sale of the shares is expected to be structured as a derivative transaction to provide the selling shareholder with exposure to certain future potential increases in the price of ICL's Shares as well as certain downside protection.

ICL has filed a registration statement with the U.S. Securities and Exchange Commission to list its Shares on the NYSE. ICL's Shares currently trade on the Tel Aviv Stock Exchange ("TASE"), and the registration of the company's shares in the U.S. will result in their dual listing on both the NYSE and the TASE. The Shares are expected to begin trading on the NYSE on September 24 , 2014 under the ticker symbol "ICL".

Morgan Stanley & Co. LLC and Barclays Capital Inc. are acting as the lead active book-running managers for the initial public offering, Goldman, Sachs & Co. and Deutsche Bank are acting as bookrunners and BMO Capital Markets Corp. is acting as co-manager for the offering (all collectively "Underwriters").