The Moroccan group OCP announced the success of a bond issue on international markets for a total amount of US $ 1.5 billion, composed of two tranches of 10 and 30 years maturities, with respective coupons of 3.750% and 5.125%.
The operation, entrusted to Barclay’s banks, BNP Paribas and JPMorgan, recorded a subscription of more than 4.7 times for a total of around 7 billion dollars for the two tranches, allowing a significant tightening of the rates for both. maturities. OCP was advised on this transaction by Rothschild & Co.
The funds raised will be used to finance the second phase of OCP’s investment program as well as the partial buyback of its existing international bonds maturing in 2024 and 2025, in order to lengthen the maturity profile of its debt, indicates a press release from the OCP group.
“The success of this international bond issue testifies to the quality of the OCP Group’s signature with international investors. Furthermore, the objective of this proactive approach by OCP is to optimize our financial structure by taking advantage of changing market conditions, “said Mostafa Terrab, CEO of OCP, quoted in the statement.
Based in Morocco, the OCP group is the world’s leading exporter of crude phosphate, phosphoric acid and phosphate fertilizers.