Lithium producer SQM launches $700M debt offering

Sociedad Química y Minera de Chile SA, or SQM, launched an offering of $700 million principal amount of its 3.500% senior unsecured notes due 2051, with closing expected Sept. 20.

SQM plans to use the proceeds to fund eligible green projects primarily related to clean transportation and energy efficiency, as well as for its plan to expand lithium carbonate and lithium hydroxide production in Chile.

Pending the allocation of the proceeds to eligible green projects, SQM may use the funds to pay debt or temporarily invest it in cash or cash equivalents, the company said Sept. 13.