Morocco’s OCP raises $1.55 billion in debut bond sale

Morocco’s OCP raises $1.55 billion in debut bond sale




Buisness Day Online said Moroccan OCP Group, the world’s biggest exporter of phosphates and derivatives, raised “$1.55 billion in its debut international bond sale to help finance a $17 billion investment plan”.

According to the source, the company “sold $1.25 billion of 10-year bonds last week to yield 5.75 percent, or about 3.1 percentage points more than similar-maturity U.S. Treasuries, according to data compiled by Bloomberg. OCP also issued $300 million of 30-year debt to yield 7.375 percent, or 3.9 percentage points more than Treasuries”.

On a sideline note, just recently, OCP signed an agreement with the Gabonese government to build four plants in both Morocco and Gabon to produce fertilizers for African markets.

The $2 billion deal is expected to meet 30% of Africa’s fertilizers needs.

The Moroccan Times.