Israel Chemicals Ltd. on May 14 announced a cash tender offer to buy back any and all of its 4.500% senior notes due 2024.

Meanwhile, the company is offering new long-dated, 20- to 30-year unsecured senior notes, with currently undetermined terms.

The 2024 notes were initially issued to institutional investors in December 2014 for a total principal amount of US$800 million. Holders can tender their notes by May 22.

ICL's first-quarter net income attributable to shareholders grew to US$928 million, or 73 U.S. cents per share, from the year-ago net income of US$68 million, or 5 cents per share.