Itafos launches $96 mln offering for acquisitions, Zaff to invest
Itafos (TSX-V: IFOS), a producer of phosphate-based fertilizers and specialty products, has launched a private placement to raise about $96 million. Zaff, a U.S. distressed private equity firm and holder of about 61 percent of Itafos’ shares, agreed to invest. Zaff will also buy any of the shares that are not otherwise purchased. Itafos said it will use the proceeds in part to fund acquisitions. These likely include an Idaho phosphate production facility that the company agreed to buy this month from Agrium Inc for US$100 million. Itafos, which is also backed by Pala Investments and J.P. Morgan, recently redomiciled from Canada to the Cayman Islands.
22 November 2017•6 mins read
