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# Moroccan Phosphate Leader OCP Expands International Debt Footprint with $149.9 Million Hybrid Bond Tap Issue
- URL: https://www.africainvestorreview.com/moroccan-phosphate-leader-ocp-expands-international-debt-footprint-with-149-9-million-hybrid-bond-tap-issue/
- Published: 2026-09-22T16:44:00.000Z
- Updated: 2026-10-01T17:34:23.000Z
- Description: Moroccan state-linked phosphate and fertilizer giant OCP S.A. secures an additional $149.9 million via an over-the-counter tap on its existing perpetual subordinated hybrid bond, reinforcing capital liquidity for its ongoing global investment program.
- Author: Charles S.
- Tags: Debt & Financing, North Africa, Development Finance, Macro & Markets

**CASABLANCA** — Moroccan phosphate group [**OCP Group**](https://www.linkedin.com/company/ocpgroup/?ref=africainvestorreview.com)has raised **$149.9 million** through a tap issue on the perpetual subordinated hybrid bond it originally priced in April.

The new tap issuance links directly to the 10.25-year tranche of that landmark hybrid structure, which initially raised $500 million. [**J.P. Morgan Securities plc**](https://www.linkedin.com/company/jpmorgan/?ref=africainvestorreview.com) acted as the sole initial purchaser for the offering.

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Executing under prospectus exemption rules via Euronext Dublin's Global Exchange Market, the new notes replicate the structural and economic terms of the original April issuance.

The tap carries a fixed interest rate of **7.3682%** up until the first reset date on **July 22, 2036**. The transaction was executed with a trade date of September 14 and settled on September 21\. The newly issued notes will form a single, unified series with the existing April securities as of November 2, 2026.

Proceeds from the offering are earmarked for general corporate purposes, supporting [OCP](https://www.linkedin.com/company/ocpgroup/about/?ref=africainvestorreview.com)'s multi-billion-dollar capital expenditure strategy aimed at expanding fertilizer production capacity and scaling international supply chain assets.

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