August 19, 2014 / 2:05 PM / 3 years ago

Israel Chems files confidential prospectus with SEC -report

JERUSALEM, Aug 19 (Reuters) - Israel Chemicals (ICL) has filed a confidential prospectus with the U.S. Securities and Exchange Commission (SEC) ahead of a planned share offering next month, financial newspaper TheMarker said on Tuesday.

ICL, Israel’s second largest traded company in Tel Aviv and one of the three largest potash suppliers to China, India and Europe, had previously said it would list its shares on the New York Stock Exchange - likely in September - to get access to improved financing.

TheMarker said ICL’s parent company Israel Corp will sell a 5 percent stake for around $500 million. Morgan Stanley and Goldman Sachs are managing the sale, it said.

ICL declined to comment. Israel Corp was not immediately available to comment.

Companies with less than $1 billion in annual sales or firms listed on foreign bourses are eligible to secretly file a draft prospectus with the SEC as they test investor interest. Twitter took advantage of the confidential filing last year.

ICL plans an investor road show in London and New York at the start of September with the goal of registering the stock for trade around Sept. 10, TheMarker said, adding that the road show cannot begin until the prospectus is released publicly.

Stefan Borgas, ICL’s chief executive, told Reuters this month that the company was accelerating plans to expand in Europe and Asia and may close some of its phosphate and bromine production in Israel if the government goes ahead with tax increases on mining companies.

ICL, which mines minerals from the Dead Sea, has already frozen more than $1 billion in investment in Israel. (Reporting by Steven Scheer; Editing by Michael Urquhart)

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