Chicago, June 15 – OCP SA sold a benchmark offering for $1.5 billion consisting of two tranches of notes (BB+/BB+), each sized at $750 million, according to a market source.
The issuer sold 3¾% notes due June 23, 2031 at 99.365 to yield 3.827%. In terms of spread, the notes priced at mid-swaps plus 240 basis points or Treasuries plus 237.5 bps.
The tranche will have a par call three months prior to maturity.
Additionally, the company sold a tranche of 5 1/8% notes due June 23, 2051 at 98.241 to yield 5.242%. The notes priced with a spread of mid-swaps plus 340 bps, or Treasuries plus 308.1 bps.
Order books were in excess of €50 billion at the time revised guidance was released.
Barclays, BNP Paribas and JPMorgan (bill and deliver) are joint dealer managers of the Rule 144A and Regulation S deal.
The company also announced an invitation to purchase for cash up to $1 billion of its outstanding $1.25 billion of 5 5/8% notes due 2024 and $1 billion 4½% notes due 2025, subject to the successful settlement of the bond offering and other conditions.
OCP is a state-run phosphate company that is based in Casablanca, Morocco.
| Issuer: | OCP SA
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays, BNP Paribas and JPMorgan (bill and deliver)
|
| Trade date: | June 11
|
| Settlement date: | June 23
|
| Ratings: | S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2031 notes
|
| Amount: | $750 million
|
| Maturity: | June 23, 2031
|
| Coupon: | 3¾%
|
| Price: | 99.365
|
| Yield: | 3.827%
|
| Spread: | Mid-swaps plus 240 bps; Treasuries plus 237.5 bps
|
| Call features: | Par call three months before maturity
|
| Price talk: | 10-year Italian Treasury plus 7 bps
|
|
|
| 2051 notes
|
| Amount: | $750 million
|
| Maturity: | June 23, 2051
|
| Coupon: | 5 1/8%
|
| Price: | 98.241
|
| Yield: | 5.242%
|
| Spread: | Mid-swaps plus 340 bps, or Treasuries plus 308.1 bps
|
| Call features: | Par call six months before maturity
|
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