OCP SA, Morocco’s phosphate giant, received regulatory approval to issue up to MAD 5 billion (USD 500 million) in bonds to finance its expansion efforts, according to a press release issued by the Moroccan Capital Market Authority (AMMC) on Tuesday.
AMMC greenlit the issuance, which spans five unlisted tranches with maturities ranging from 10 to 30 years — the date on which a bond’s principal amount is due to be repaid to the investor, marking the end of the bond’s term.
Investors will have access to both fixed and variable interest rate options tied to Morocco’s Treasury benchmark yield curve, with annual risk premiums scaling from 30 to 80 basis points based on the duration of each tranche.
Subscriptions open from December 10 to December 12, targeting institutional and high-net-worth investors. OCP has implemented a French allocation process to ensure a fair distribution among bidders, without prioritization by tranche.
The funds are expected to fuel OCP’s ambitious growth plans, including expanding its phosphate production capacity and reinforcing its sustainability initiatives. This issuance is in line with the company’s broader strategy of leveraging capital markets to maintain its global leadership in agriculture and phosphate-based solutions.
While trading in the bonds remains unrestricted, the securities will not be available to U.S. residents or entities in secondary markets. The prospectus is accessible through OCP’s website, its headquarters, and the AMMC’s portal.