Financing: The Group is carrying out a major financing operation via a perpetual subordinated bond issue of up to MAD 5 billion, within a broader program framework now capped at MAD 10 billion (reviewed in March 2026).
OCP SA raises up to MAD 5 billion via a perpetual subordinated bond loan. The prospectus of the operation was approved by the Moroccan Capital Market Authority (AMMC). It is in fact a perpetual subordinated bond loan with early repayment and deferred interest payment options. The operation is in fact part of the issuance program, with a ceiling of 7,500,000,000 DH, having been authorized by the board of directors meeting on March 15, 2022, and extended to 10,000,000,000 by the same body on March 12, 2026. “Through this commercial paper issuance program, OCP aims to face the one-off cash needs generated by variations in working capital requirements during the year, to optimize its financing costs as well as to diversify its financing sources,” reads the note relating to the OCP program.
It should be noted that the subscription period for this loan is made up of four unlisted tranches with a ceiling of 1.25 billion dirhams and 12,500 bonds each, running from June 11 to 15 inclusive. Concerning the facial interest rate, it is revisable annually for tranche A (2.87% for the first year), revisable every 6 years for tranche B (3.64% for the first six years), revisable every 12 years for tranche C (4.18% for the first twelve years) and revisable every 20 years for tranche D (4.82% for the first twenty years). As a reminder, the investors targeted by the issues under the commercial paper program are natural or legal persons, resident or non-resident. It is nevertheless understood that under no circumstances and at no time may the commercial paper issued be offered, sold or resold in the United States or to persons resident in the United States, under the regulations applicable in the United States which stipulate that commercial paper which has not been subject to prior approval by the SEC may not be offered, sold or resold in the United States.
Subscriptions will be accepted and recorded as they are confirmed in writing to Attijariwafa bank until the issue ceiling is reached. “All subscriptions will be made in cash, regardless of the category of subscribers”, we can note from the note relating to said program. And to conclude: “The allocation of commercial papers will be made on the closing date of the subscription period by Attijariwafa bank, designated as the organization in charge of centralizing the program in the presence of OCP.”
