Morocco’s OCP Group raises $2 billion from bonds sale

Morocco’s state-owned OCP group has successfully raised $2 billion from Eurobonds sale which attracted massive investor interest, exceeding $6.2 billion, or 3.1 times the amount offered.

According to press reports, the world phosphate and fertilizer giant issued 10-year and 30 year-bonds with interest rates of 6.75% and 7.5% respectively.

The raised money will help the OCP group carry out its $13 billion 2022-2027 investment plan seeking to increase fertilizer production to 20 million tons from 15 million currently and operate with renewables by 2027.

OCP, which is planning to produce 1 million tons of green ammonia in three years, is also investing in desalination plants.

In 2023, OCP reported $9 billion in revenues, down from $ 11.4 billion a year earlier. Fertilizers made up 66% of the group’s earnings as it continues to enhance its production capacity.