By Christine Van Dusen
Atlanta, April 17 - Morocco's Office Cherifien de Phosphate priced a combined $1.55 billion of 10- and 30-year notes (expected ratings: /BBB-/BBB-) on Wednesday, a market source said.
The deal included $1.25 billion 5 5/8% notes due 2024 that priced at 99.059 to yield 5¾%, or Treasuries plus 311.1 basis points. The notes were talked at a yield in the 6% area.
The deal also included $300 million 6 7/8% notes due 2044 that priced at 93.992 to yield 7 3/8%, or Treasuries plus 392.7 bps.
Barclays, JPMorgan and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to fund the company's expenditure program and for general corporate purposes.
The issuer is a phosphate exporter based in Casablanca.
| Issuer: | Office Cherifien de Phosphate
|
| Amount: | $1.55 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, JPMorgan, Morgan Stanley
|
| Trade date: | April 16
|
| Settlement date: | April 25
|
| Expected ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | April 25, 2024
|
| Coupon: | 5 5/8%
|
| Price: | 99.059
|
| Yield: | 5¾%
|
| Spread: | Treasuries plus 311.1 bps
|
| Price talk: | 6% area
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | April 25, 2044
|
| Coupon: | 6 7/8%
|
| Price: | 93.992
|
| Yield: | 7 3/8%
|
| Spread: | Treasuries plus 392.7 bps
|
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