Moroccan fertiliser producer OCP is hoping to attract $1bn of funds with its latest bond issue as it targets an expansion.
The Casablanca-headquartered phosphate miner is launching a second debt offering to fund a doubling of mining capacity and a tripling of fertiliser capacity by 2025, according to a statement from the firm.
OCP, which owns phosphate assets in Morocco, appointed Morgan Stanley and Barclays as joint book-runners on the offering.
The firm is moving away from a financing model based on bank debt in favour of raising money on international capital markets, according to the firm. It launched its first global bond in April 2014.
The $1bn issue has been priced with a 10.5 year maturity and a 4.5% coupon.
