Moroccan phosphate group OCP plans to issue bonds worth MAD 5bn ($503.1mn) from December 10 to 12, the Moroccan Capital Market Authority (AMMC) said in a press release on December 3.
The strategic focus is to support local industrial and mining value chains, promote innovation in Morocco’s industrial ecosystem and strengthen OCP's capacity to meet global demand.
The subscription is limited to qualified Moroccan investors, the AMMC said.
The issuance includes five non-listed tranches. Tranches A and B will have 10-year maturity with Tranche A having an adjustable interest rate. Tranches C, D, and E will have maturities of 15, 20, and 30 years, with fixed interest rates. The issuance will be managed by CDG Capital and BMCE Capital Conseil as financial advisors and global coordinators.
The issuance is part of OCP’s 2023-2027 green investment programme worth MAD 130bn.
The group aims to increase fertiliser production capacity from 12mn to 20mn tonnes, produce 1mn tonnes of green ammonia, generate 5GW of clean energy, and expand production for Lithium Iron Phosphate battery components.
OCP also plan to invest heavily in sustainable projects, including desalination plants in Jorf Lasfar and Benguerir.
The OCP’s projected revenue for 2024 is MAD102.65bn, up 12% year-on-year, driven by strong demand in Europe, Africa and India, particularly for solid acid products.
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