Clifford Chance advises the Joint Lead Managers on OCP’s successful U.S.$2 billion offering of 144A/Reg S Notes

The Paris, London and Casablanca offices of leading international law firm Clifford Chance have advised the joint lead managers on OCP’s U.S.$1.25 billion Rule 144A/Reg S 6.750% Notes due 2034 and U.S.$750 million Rule 144A/Reg S 7.500% Notes due 2054.

OCP is a leading vertically integrated fertiliser company involved in the extraction, production and commercialisation of phosphate rock, phosphoric acid, phosphate-based fertilisers and animal nutrition and speciality products. The Group is the largest producer globally by volume of phosphate rock and phosphoric acid, and the largest producer globally by volume of phosphate-based fertilisers, monoammonium phosphate and triple superphosphate.

This successful notes issuance by OCP was its first return to the international capital markets since 2021 and its largest ever debt offering. The net proceeds of the offering will be used in part to fund OCP’s Capital Expenditure Programme, which includes a green investment programme of approximately U.S.$13 billion over the 2023-2027 period.

The team was co-led by Clifford Chance in Paris and Casablanca, with Olivier Plessis on US Capital Markets matters, Mustapha Mourahib and Ouns Lemseffer on Moroccan DCM matters and Andrew McCann on UK DCM matters, together with, in Paris, Jessica Hadid, DCM associate, and Ella Burnside, DCM trainee solicitor; in London, with Johannes Juette, US partner, and Aritra Saha, US associate; and in Casablanca, with Yasmine Hitane, associate.