Chicago, April 25 – OCP SA priced $2 billion of senior notes over two tranches (Baa3/BB+/BB+) on Thursday, according to market sources.
A 10-year tranche had more weight, with $1.25 billion of the allocations going to the 6¾% notes, which priced at 98.491 to yield 6.962%. The spread was 230 basis points compared to the related U.S. Treasury. Initial talk was in the 270 bps area.
The $750 million 30-year notes in the offering priced with a 7½% coupon at 97.262 to yield 7.736%. The spread priced 295 bps over the related Treasury versus talk in the 330 bps area.
The 10-year notes become callable in the final three months. Similarly, the 30-year notes are callable for the last six months.
JPMorgan was handling billing and delivery and worked as a joint lead manager with BNP Paribas and Citigroup Global Markets Ltd.
The final book was over $2.5 billion for the shorter tranche and above $1.7 billion for the longer notes.
Distribution is through Rule 144A and Regulation S.
The Casablanca, Morocco-based company is global leader in the fertilizer industry.
| Issuer: | OCP SA
|
| Amount: | $2 billion
|
| Issue: | Senior notes
|
| Bookrunners: | JPMorgan (billing and delivery), with BNP Paribas, and Citigroup Global Markets Ltd.
|
| Trade date: | April 25
|
| Settlement date: | May 2
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | May 2, 2034
|
| Coupon: | 6¾%
|
| Price: | 98.491
|
| Yield: | 6.962%
|
| Spread: | Treasuries plus 230 bps
|
| Call features: | Three-month par call
|
| Price talk: | Treasuries plus 270 bps area
|
| ISIN: | XS2810168737, US67091TAF21
|
|
|
| 30-year notes
|
| Amount: | $750 million
|
| Maturity: | May 2, 2054
|
| Coupon: | 7½%
|
| Price: | 97.262
|
| Yield: | 7.736%
|
| Spread: | Treasuries plus 295 bps
|
| Call features: | Six-month par call
|
| Price talk: | Treasuries plus 330 bps area
|
| ISIN: | XS2810168810, US67091TAG04
|
|
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