OCP S.A., a leading Moroccan phosphate group, has successfully completed a tap issue worth $149.9 million. This operation is linked to its hybrid bond tranche with a 10.25-year maturity, issued in April 2026. The new funds will be used to finance the group's general needs. The issue was announced on September 21, 2026, and is part of OCP's strategy to expand its financing capacity on international markets.
The tap issue is an addition to the initial $500 million tranche with a 10.25-year maturity, which was part of a larger $1.5 billion bond issuance in April 2026. The new obligations will be consolidated with the existing titles and form a single series as of November 2, 2026. They include an early redemption option and an optional interest payment deferral mechanism. The bonds are listed on the Global Exchange Market of Euronext Dublin and are issued under Regulation S, category 2.
The new bonds have a fixed rate of 7.3682% until the first reset date, scheduled for July 22, 2036. The nominal value of each bond is $200,000, with increments of $1,000. The transaction was carried out on September 14, 2026, with the settlement and issue date set for September 21, 2026. J.P. Morgan Securities plc acted as the initial buyer.
OCP's credit ratings are Baa3/stable from Moody's, BBB-/stable from Standard & Poor's, and BB+/stable from Fitch Ratings. The concerned bonds are rated Ba2 by Moody's and BB by Standard & Poor's. This successful tap issue demonstrates OCP's ability to access international markets and diversify its financing sources.
The phosphate group's strategy to expand its financing capacity on international markets aligns with its business goals and growth plans. OCP's management had authorized the tap issue during a board meeting on March 12, 2026. The exemption from the prospectus requirement, as per Euronext Dublin's Global Exchange Market rules, facilitated the process.
The new funds raised will support OCP's general needs and contribute to the company's growth and development. The successful completion of the tap issue reflects the group's strong presence in the international financial markets and its ability to attract investors.
With this additional $149.9 million, OCP's total hybrid bond tranche reaches $649.9 million. The company continues to strengthen its financial position and diversify its funding sources, supporting its business operations and growth strategy.
Key points
- OCP raises $149.9 million through a tap issue linked to its hybrid bond tranche.
- The new bonds will be consolidated with existing titles and form a single series as of November 2, 2026.
- The funds raised will be used to finance OCP's general needs and support its growth and development.
