By Christine Van Dusen
Atlanta, April 15 – Morocco’s Office Cherifien de Phosphate priced a $1 billion issue of 4½% notes due Oct. 22, 2025 (expected rating: //BBB-) at 98.765 to yield 4.65% on Wednesday, a syndicate source said.
The notes were talked at a yield in the 4¾% area.
Barclays 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 billion
|
| Maturity: | Oct. 22, 2025
|
| Description: | Notes
|
| Bookrunners: | Barclays, Morgan Stanley
|
| Coupon: | 4½%
|
| Price: | 98.765
|
| Yield: | 4.65%
|
| Trade date: | April 15
|
| Settlement date: | April 22
|
| Expected rating: | Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% area
|
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