Marrakech – OCP S.A. has raised an additional $149.9 million through a tap issue on the hybrid bond it first sold in April. The new issuance links to the 10.25-year tranche of that perpetual subordinated bond, which had raised $500 million.
The transaction proceeded under the authorization the Board of Directors granted on March 12. It relied on the prospectus exemption in paragraph 2.12 of Euronext Dublin’s Global Exchange Market listing rules for debt securities, which applies where new bonds are fungible with securities already trading on that market.
The new bonds carry the same features as the original issuance. They will be consolidated with the April securities under the 10.25-year tranche, and they include an early redemption option and an optional interest payment deferral. OCP plans to use the proceeds for general corporate purposes.
The tap issue carries a fixed interest rate of 7.3682% until the first reset date of July 22, 2036. Its denomination is $200,000, with integral multiples of $1,000 in excess of that amount, and it was placed under Regulation S (Category 2) only.
The trade date was September 14, and settlement fell on September 21. The new bonds will form a single series with the April bonds as of November 2. J.P. Morgan Securities plc acted as the initial purchaser, and the bonds are listed on Euronext Dublin’s Global Exchange Market.
OCP holds an issuer rating of Baa3 (stable) from Moody’s, BBB- (stable) from Standard & Poor’s, and BB+ (stable) from Fitch. The bonds carry an instrument rating of Ba2 from Moody’s and BB from Standard & Poor’s.
The tap builds on the April sale, OCP’s inaugural international hybrid bond and the first issuance of its kind by a corporate issuer on the African continent. That offering raised $1.5 billion across two tranches: $1 billion over 5.25 years at a 6.750% coupon, and $500 million over 10.25 years at 7.375%. The proceeds went toward the group’s investment program and its general funding needs for 2026.
Demand for the April sale was strong. A marketing day on April 14 drew 90 international investors, and the order book reached nearly $7 billion, more than four times the amount on offer. That strength let OCP tighten pricing by 62.5 basis points and secure a negative new issue premium of about 15 basis points.
Chairman and CEO Mostafa Terrab described the deal as “a major milestone for OCP” and pointed to “investors’ sustained confidence in the strength of our credit profile.” Citigroup Global Markets, J.P. Morgan Securities, and BNP Paribas ran the books, with Rothschild & Co. advising.
OCP had also tapped the domestic market in June, closing a MAD 5 billion ($500 million) subordinated perpetual bond through a public offering across four tranches.
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