Morocco’s OCP Group issues bond worth $1.5 billion

Morocco’s phosphates and fertilizer producer OCP Group raised 1.5 billion dollars in a dual tranch-bond that is aimed at boosting its growth strategy.

The group has become a key player in fertilizer production and plans plants in Nigeria and Ethiopia as well as blending units across the continent.

Demand for the bond, which was arranged by Barclays, BNP Paribas and JPMorgan, reached 7 billion dollars.

OCP posted a 4% increase in its revenues in 2020 to 56.2 billion dirhams as volumes offset a drop in prices.

The group said exports of phosphates-based fertilizers rose 12% following higher demand in India and Brazil.

Higher fertilizer exports, coupled with lower raw material prices and cost savings, contributed to substantial operating leverage in 2020.