The Moroccan group OCP has announced its decision to proceed with the early repayment of its perpetual subordinated bond on December 23, 2026. This move will concern all six tranches of the loan, with repayment at the nominal value of 100,000 dirhams per title, plus the coupon due on that date. The decision was made in accordance with the contractual provisions provided during the establishment of this financing operation.
OCP SA made the announcement on Thursday, November 12, that it will exercise its option for early repayment of the perpetual subordinated bond issued on December 23, 2016. The group's decision is based on the contract signed on December 8, 2016, with the representative of the bondholders, as well as the final information note approved by the Moroccan Capital Market Authority on December 9, 2016.
The early repayment operation will be carried out on December 23, 2026, which corresponds to the first contractual date on which OCP can exercise its early repayment option. The operation will cover all outstanding bonds under tranches A, B, C, D, E, and F, without distinction between the different categories of securities concerned.
Each bond will be repaid at its nominal value of 100,000 dirhams, to which the coupon payable on the repayment date will be added, according to the conditions set out in the contractual documentation of the issue. CDG Capital will be responsible for the centralization of the operation, acting as the centralizing establishment, depository of the securities, and domiciliarie of the issue.
The implementation of the repayment will be carried out in coordination with Maroclear and the concerned account holders, to ensure the processing of repayments to bondholders. OCP invites bondholders to contact their respective depositaries to obtain the necessary details on the practical modalities of repayment.
This early repayment decision comes as part of OCP's management of its financial obligations. The group has been actively involved in various sectors, including the production of phosphoric acid and other related products. Its financial strategies aim to optimize its resources and ensure the sustainability of its operations.
OCP's move to repay its perpetual bond early demonstrates its commitment to fulfilling its financial commitments. The group continues to play a significant role in Morocco's economic landscape, contributing to the country's growth and development through its various activities and projects.
Key points
- OCP will repay 100,000 dirhams per bond title plus coupon on December 23.
- The early repayment concerns all six tranches of the perpetual subordinated bond issued in December 2016.
- CDG Capital will centralize the repayment operation, ensuring coordination with Maroclear and account holders.
