OCP announced that it has successfully raised funds on international bond markets for an amount of $ 1.75 billion. This new issue is made up of two slices, matures at 5 and long, 10 years, for amounts of 750 million and 1 billion dollars, with coupons of 6.10% and 6.70%, respectively.
OCP plans to allocate funds raised to financing the second phase of its ambitious investment plan by 2030. This plan aims to expand major production capacity, sustainable investments in water management and renewable energies, as well as in the development of green ammonia production.
“This fundraising in international markets reflects the continuous confidence of investors in the financial solidity of OCP, as well as in its sustainable growth strategy. By taking advantage of a favorable window after a period of high volatility on the markets since April 2, OCP has also marked the reopening of the Eurobonds market to issuers of emerging economies. This operation is strengthening the positioning of the company as a reference director on the world fertilizer market, supported by remarkable industrial and financial performances in recent years, “said Mostafa Terb, CEO of the OCP Group.
For this operation, the order book is the most important ever recorded by OCP. In addition, the operation has been overwritten more than 4 times, with demand exceeding $ 7 billion on the two tranches, allowing a significant tightening of the rates for both maturity. Especially since the new issue premium was particularly competitive, limited to 5 base points (BPS) on the two tranches, a level significantly lower than those recently observed on the market (generally between 20 and 30 BPS), and equivalent to that obtained by the Moroccan sovereign last March, in a more favorable environment.
-The obligations are listed at the Euronext Dublin and are noted (BB+/Stable) by Fitch Ratings and (BB+/Positive) by Standard & Poors and (BAA3/Stable) by Moody’s.
Banks The Co-Chefs of File Mandated for the issue and implementation of the Passive Management Operation is Citigroup Global Markets Limited and JP Morgan Securities PLC. The investment union is made up of BNPP, SMBC, Deutsche Bank and Mizuho. OCP was advised on this operation by Rothschild & Co.
These obligations have been placed with qualified institutional investors, fundraising, banks and private banks in various countries, especially in Morocco, the United States, the United Kingdom, Europe, the Middle East and Asia.
