OCP S.A. has successfully completed a $149.9 million ‘tap issue’ backed by the 10.25-year tranche of the perpetual subordinated hybrid bond it launched in April 2026, the phosphate group announced September 21.
The operation was carried out under authorization granted by OCP’s board of directors on March 12, 2026, and benefits from the prospectus exemption available under the rules of Euronext Dublin’s Global Exchange Market, with the new notes set to be assimilated with securities already admitted to trading there.
OCP’s original April 2026 issuance totaled $1.5 billion, split between a 5.25-year tranche and a 10.25-year tranche worth $500 million. With the new $149.9 million tap, that 10.25-year tranche now totals $649.9 million. The new notes will be consolidated into a single series with the April 2026 bonds effective November 2, 2026, and carry the same features as the original issuance, including an early redemption option and a mechanism allowing optional deferral of interest payments.
Proceeds from the operation will go toward financing OCP’s general corporate needs. The bonds are listed on Euronext Dublin’s Global Exchange Market and were issued under Regulation S, Category 2. The new notes carry a fixed rate of 7.3682% until their first reset date on July 22, 2036, with a unit face value of $200,000 and increments of $1,000.
The transaction was executed on September 14, 2026, with settlement and issuance dated September 21, 2026. J.P. Morgan Securities plc acted as sole initial purchaser for the operation.
OCP currently carries a Baa3 rating with a stable outlook from Moody’s, BBB- stable from Standard & Poor’s, and BB+ stable from Fitch Ratings, while the bonds themselves are rated Ba2 by Moody’s and BB by Standard & Poor’s.
