The Moroccan Capital Markets Authority approved the prospectus for Douja Promotion Groupe Addoha SA’s bond issuance, which is reserved for holders of the company’s existing bonds and backed by a mortgage over company real estate. The approved prospectus comprises a reference document covering financial year 2023 and the first half of 2024, together with an offering document. The unlisted issuance is structured into four tranches with a maximum operation amount of MAD 750,000,000, with ceilings of MAD 702,212,500 for each of Tranches A and B and MAD 47,787,500 for each of Tranches C and D. The bonds have a six-year maturity, a face value of MAD 12,500, annual linear amortisation and a 300 basis point risk premium; Tranches A and C carry a fixed 5.79% rate, while Tranches B and D are annually revisable with a 5.58% rate for the first year. The security is a third-rank mortgage valued at MAD 750,000,000 over the “Bled Ouled Sbita” property in Salé-Bouknadel. Subscriptions run from 18 February 2025 to 20 February 2025 (inclusive). An excerpt of the prospectus is to be published on the issuer’s website, and the prospectus is also available from the issuer, the placement agent and the Moroccan Capital Markets Authority.
Moroccan Capital Markets Authority 2025-02-11
Moroccan Capital Markets Authority approves prospectus for Douja Promotion Groupe Addoha MAD 750m mortgage-backed bond issue
The Moroccan Capital Markets Authority approved Douja Promotion Groupe Addoha SA's bond issuance prospectus, reserved for existing bondholders and backed by a mortgage over company real estate. The unlisted issuance, structured into four tranches, totals up to MAD 750 million with a six-year maturity and a 300 basis point risk premium. Tranches A and C have a fixed 5.79% rate, while Tranches B and D have an annually revisable rate starting at 5.58%.