Moroccan Phosphate Leader OCP Expands International Debt Footprint with $149.9 Million Hybrid Bond Tap Issue
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.
CASABLANCA — Moroccan phosphate group OCP Group 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 acted as the sole initial purchaser for the offering.
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's multi-billion-dollar capital expenditure strategy aimed at expanding fertilizer production capacity and scaling international supply chain assets.
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