Moroccan electricity and water utility company ONEE plans to raise MAD 1.5 billion (EUR 135m/ USD 160m) via a securitisation by the end of the week.
Moroccan financial markets watchdog AMMC has cleared the transaction at the end of September.
Book building will start on October 12 and close the following day. ONEE will sell securities with an interest rate of 2.98% to 3.08% and repay them in one year.
This would be the fifth such operation for ONEE which has raised MAD 5.3 billion since 2013. The utility is implementing a securitisation programme targeting MAD 10 billion by 2023 in a move to deal will working capital issues.
The 2017 securitisation will be dedicated to commercial debt to be collected from 17 large clients of ONEE, particularly in the electricity sector. It is named FT Energy 2, as a follow up to the operation from last year.
This year, the securitisation will group trade receivables from 17 ONEE clients in the energy sector - public authorities and service companies as well as large companies to which ONEE sells water and electricty directly, including Asment de Temara, Ciments du Maroc, Compagnie Industrielle des Fibres, Compagnie minière de Touissit, Fruit of the loom textile, Maghreb Oxygène, Renault Tanger Exploitation SAS and St Microelectronics Maroc.