Arab Today, arab today morocco’s phosphates group raises 155bn in debut sale of bonds
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Morocco’s phosphates group raises $1.55bn in debut sale of bonds

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Arab Today, arab today Morocco’s phosphates group raises $1.55bn in debut sale of bonds

Rabat - MAP

Morocco’s OCP Group (phosphates) raised USD 1.55 billion in its debut internationalbond sale to help finance a $17 billion investment plan.Casablanca-based OCP sold USD 1.25 billion of 10-year bonds on Thursday to yield5.75 percent, and issued USD 300 million of 30-year debt to yield 7.375 percent.Proceeds will be used for capital expenditures and general corporate purposes.OCP, the world’s biggest phosphate exporter, said in October it would invest 140billion dirhams (USD 17 billion) to increase its market share of fertilizers to 40percent by 2020. Its market share currently stands at 21 percent, OCP ChairmanMustapha Terrab told Le Matin newspaper last week.A “favorable market risk environment was probably the main supportive factor, butthe positive story of the company and Morocco’s improving external perception didhelp,” Samir Gadio, a London-based emerging markets strategist said.Meryem Chami, OCP’s executive director of planning and steering, said in Octoberthat the company should capture half of expected growth in global demand forphosphate-based fertilizers by tripling production capacity and focusing on Africaand South America.Last month, OCP signed an agreement to build four plants in Morocco and Gabon ata total cost of $2 billion to produce fertilizers for African markets intended to meet30 percent of the continent’s needs.

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