Douja Promotion Groupe Addoha will issue a bond for a maximum of 594,000,000 dirhams.
The prospectus relating to this issue has just been approved by the Moroccan Capital Market Authority (AMMC). This bond loan is reserved for holders of eligible existing commercial paper. It will be issued in two installments, A and B.
“Tranche A is made up of unlisted fixed-rate bonds, negotiable over-the-counter and with a maturity of 7 years, including 2 years of deferred principal, while tranche B is made up of unlisted bonds at an annual revisable rate, negotiable over-the-counter and also with a maturity of 7 years, including 2 years of deferred principal period, ”according to the AMMC.
And to specify that “the subscription period extends from February 22 to 24 inclusive”. The objective of this operation is to extend the maturity of the group’s debt. Referring to Addoha’s prospectus, this bond loan will be matched with mortgages. We note in this sense a first mortgage, in the amount of 594,000,000 dirhams, on the property known as “Ain Slim” located in Marrakech. It consists of agricultural land with an area of 283 hectares 40 ares and 30 centiare.
To this is added a fifth rank mortgage, in the amount of 594,000,000 dirhams, on the property “El Bahr” located in Sala Al Jadida, consisting of bare land including subdivision equipment with an area of 867,115 m². . “A valuation appraisal was carried out on the two sites mentioned above. As of July 3, 2020, the land of the property called “Ain Slim” was valued at 626,300,000 dirhams and that of the property called “El Bahr” was valued at 579,300,000 dirhams “, reads – on the prospectus of the Addoha Group.
It should be noted that this transaction has no impact on the group’s indebtedness. At the level of the social balance sheet, this will be a reclassification at the level of liabilities from “cash loans” to “bond loans”. At the level of the consolidated balance sheet, it will also involve a reclassification of “current financial debts, represented by a security” to “non-current financial debts, represented by a security”.
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