Incitec Pivot Ltd

IPL Details

The Board of Incitec Pivot Limited (ASX: IPL) has announced the appointment of Ms Jeanne Johns as Managing Director & Chief Executive Officer with effect from 15 November 2017, to succeed Mr James Fazzino. In February this year, the Company announced that Mr Fazzino would be stepping down within 12 months and that a global search had commenced for a successor. Ms Johns is an American born Chemical Engineer with over 25 years’ experience in international industrial and commodity businesses, including petrochemicals and oil and gas.During her career with BP, Ms Johns held numerous leadership roles in the US, Europe and China managing multinational businesses and international strategic business development. She is currently a non-executive board member of Tate & Lyle plc and Parsons Corporation.

Recently, Incitec Pivot Limited announced the launch of a Notes offering in the US dollar Regulation S bond market, that it had priced an issue of USD400 million Fixed Rate Notes, to be issued under its USD1.5 billion Euro Medium Term Note Programme. The Notes were priced with a spread to US Treasuries of 1.675% resulting in a coupon of 3.95% for a term of 10 years, maturing on 3 August 2027. IPL’s debut issue in the Reg-S only market follows its two previous US dollar issues in the US 144A market in 2009 and 2010. We maintain a “Hold” recommendation on the stock at the current price of $3.36


IPL Daily Chart (Source: Thomson Reuters)

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