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RABAT2025-04-08
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OCP Successfully Concludes 5 Billion DH Perpetual Subordinated Bond Offering
Moroccan phosphates giant, OCP S.A., has successfully concluded a 5 billion Moroccan dirham (DH) perpetual subordinated bond offering through a public announcement, as stated by the company.
The bond offering, structured into two tranches featuring distinct interest rates and review periods, garnered substantial investor attention, generating over 7 billion DH in orders, resulting in an oversubscription rate of 141%.
"We are delighted with the robust response from the investment community towards this subordinated bond offering," remarked Mostafa Terrab, Chairman and CEO of OCP Group, in a press release. "This further solidifies our financial flexibility and our ability to support resilient development initiatives."
The two tranches, designed to fortify OCP’s financial foundation and facilitate expansion, encompass variable interest rate adjustments over different durations:
- Tranche A presents a 3.7% baseline interest rate annually revised, accompanied by a 60 basis point risk premium.
- Tranche B offers a 4.77% baseline interest rate reset every 10 years, with an additional 70 basis point risk premium.
Tranche B will yield 5.49% for the initial 15 years before transitioning to a 10-year reset schedule, while Tranche D bonds will deliver a 5.94% return for 20 years before transitioning to a 20-year reset timetable. Both tranches incorporate added risk premiums of 95 and 105 basis points, respectively.
The perpetual subordinated bonds lack a fixed maturity date but grant OCP the option to repurchase or redeem bonds after predefined periods. The offering garnered substantial investor interest following an upgrade in OCP's credit rating to BBB- by Fitch Ratings earlier this year.
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