Commentary & Deal Flow

OCP S.A. (OCP), rated BB+ (Stable) by S&P and BB+ (Stable) by Fitch, US$ benchmark 144A/Reg S 2-part sr notes (10y due 6/23/31 and 30y due 6/23/51). Barc/BNP/JPM (B&D) joint lead managers. 3mo par call on 10y and 6mos on 30y. List Euronext Dublin. English Law. UOP: Financing of the Tender Offers and general corporate purposes. Pricing 6/10. Settle 6/23 (T+9). IPTs: 10y MS+275 area, 30y MS+375 area.