| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | MTRL | PRCD | ICLIT | ICL Group Ltd | $800 | 1 | EMEA | Jun 9, 2026 |
ICL Group Ltd. exp BBB-/BBB- (S&P/Fitch - s/s) US$800m 144A/Reg S 10y FXD sr unsec notes due 06/16/36. MWC then 3mos par call (03/16/36). 101 CoC Put. Use of Proceeds: The Company intends to use the net proceeds from this offering for general corporate purposes, including the repayment, in part or in full, of outstanding borrowings under the revolving credit facility which matures in April 2030 (the "Revolving Credit Facility") (following such repayment, the Revolving Credit Facility will remain available to the Company in accordance with its terms), the repayment of other debt, capital expenditures, investments and acquisitions, supporting the Company's strategy. Electronic Presentation: www.netroadshow.com/nrs/home/#!/?show=6b057da9 OR Visit www.netroadshow.com and enter the entry code: Ionic2026. Denoms: 200,000 x 1,000. Governing Law: New York. Listing: TASE-UP. Pricing 06/11. Settle 06/16 (T+5).
ISIN: IL0012431792.
VIA:
Joint Active Books: BNP/BofA/Citi (B&D)/MS/MUFG
Co-mgrs: BBVA/CaixaBank.
Local Distributors: Barak Leumi Underwriters/IBI Underwriting and Issuing/Menora Mivtachim Underwriters & Management/Apex Issuances.
Following investor meetings that commenced on June 2, a benchmark deal was announced overnight with IPT out at T+180a.
Guidance came in at T+155a.
Ultimately an $800m deal was launched at T+150bp.
PRICED: $800m 6.036% 6/16/36 $100.00 6.036 T+150bp
As for r/v, ICLIT does have one existing bond which is old (pxd in 2018) and pretty illiquid. This deal was originally issued under the Israel Chemicals Ltd name (name changed in 2020 to reflect its evolution into a broader global specialty minerals company while remaining the same entity focused on agriculture (potash, fosphates), food, and engineered materials).
- ICLIT 6.375% due 05/31/38 T+148 (G140; $102.88) - $600m pxd 5/23/18.
Today’s deal did land (T+150bp) in the existing bond’s same general zip code, but tough to peg a NIC off that illiquid outstanding.
Other sector comps may have included the following, but there’s not much in the way of NIC conclusions via this route either.
Nutrien Ltd (Baa2/BBB)
- NTRCN 5.350% due 05/29/36 T+93bp (G93; $99.04) - $500m pxd 5/26/26 +85
Yara International SA (Baa2/BBB)
- YARNO 7.378% due 11/14/32 T+122bp (G114; $109.77) - $600m pxd NOV 2022
OCP SA (Baa3/BBB-/BB+)
- OCPMR 6.700% due 03/01/36 T+166bp (G168; $103.44) - $1.00bn pxd APR 2024
Bottom line, there’s no way to really pinpoint a f/v level on this one, so we’ll have to go CONCESSION N/A.
FINAL BOOKS:
$800m 10yr - $.1.60bn (2.00x) - PEAK $2.300BN (ATT -30.43%)