Assahafa.com
Morocco’s fertilizer giant OCP has celebrated the completion of an additional $300 million bond issuance.
The move is in line with the authorization of its Board of Directors on December 3 of last year, OCP said in a statement on Tuesday.
It also aligns with European Regulation 2017/1129, allowing for the issuance of additional bonds within 12 months of the initial issuance.
“This additional issuance is linked to OCP’s May 2024 international bond issuance, which totaled USD 2 billion,” the group said, noting that the bonds will be fully fungible with the bonds issued in May 2024.
The new bonds will be structured into $75 million maturing in 2034 with a 6.75% coupon, while the second tranche will concern $225 million maturing in 2054 with a 7.50% coupon.
The group is seeking to use the funds to finance its projects and programs.
Last year, the Moroccan Capital Market Authority (AMMC) released a statement announcing OCP’s upcoming bond issuance, including one worth MAD 5 billion from December 10-12.
AMMC clarified that the bond issuance would include five non-listed tranches.
Tranches A and B will have a maturity of 10 years, while tranches C, D, and E will have maturities of 15, 20, and 30 years, respectively.
OCP is a major fertilizer player globally. The group aims to invest an estimated $14 billion, covering the period between 2025-2027.
An October 2024 report on public enterprise by the Ministry of Economy indicates that the investment is distributed over the period as such: MAD 45 billion ($4.54 billion) in 2025, MAD 52 billion ($5.25 billion) in 2026, and MAD 42.15 billion ($4.25 billion) in 2027.
Meanwhile, OCP Group anticipates a revenue of nearly MAD 102.65 billion ($10.37 billion) this year.
Source: Morocco word news
