The Moroccan Capital Market Authority (AMMC) has issued a visa for a perpetual bond of the phosphate group OCP S.A on the debt market.
The operation is capped at 5 billion dirhams (500 million euros) with five compartments, one of which is listed on the Casablanca Stock Exchange.
The subscription period runs from May 2nd to 4th, 2018.
The OCP group has launched a major investment program for an amount of about 200 billion dirhams over the period 2008-2030. This investment program is partially financed by equity and debt.
In order to satisfy part of these financing needs, the Company has decided to use a national perpetual subordinated bond loan. This recourse is part of a strategy aimed at optimizing access to the capital market and diversifying the sources of financing.
The use of a loan by the issue of perpetual subordinated bonds allows the Issuer to consolidate its financial structure, in particular by giving it an equity treatment by the rating agencies, subject to compliance with the conditions required by the latter.
Also, and in order to maintain this obligation in the permanent part of its capital structure, OCP intends to fund any repayment of this obligation, on the date of repayment of the obligations or within 6 months prior to such date. redemption, an issue of equity securities, or pari-passu ranking securities whose terms.
