Israel Chemicals Ltd. (ICL.TV) said Sunday a group of seven international banks has granted it a five-year $650 million line of credit.

The loan bears annual interest one percentage point higher than the London overnight lending rate, ICL said. It said the loan from the banks, including Citigroup Ltd. (C), shows confidence in the company's abilities despite difficult economic times globally.

ICL recently reported its third-quarter profit had increased to $436 million from $243 million in the third quarter of 2010, mainly due to higher potash sales.

ICL manufactures chemical products using mainly potassium and other minerals derived from Israel's Dead Sea.

At 1150 GMT, shares of ICL were up 1.30 shekels ($0.35), or 0.76%, at ILS40.00, in a lower Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, saratoth@gmail.com