ARGAN is preparing for its upcoming bond refinancing and signed a bridge-to-bond loan for €500 million

Core Viewpoint - ARGAN is preparing for its 2026 bond refinancing by signing a €500 million bridge-to-bond loan with a banking pool led by J.P. Morgan, aimed at ensuring optimal conditions for the upcoming bond maturity [2][3][4] Financing Details - The bridge loan of €500 million is a short-term financing solution to prepare for the bond maturity initially issued in 2021, which is due on November 17, 2026 [2][3] - The loan has an initial duration of 12 months starting from November 17, 2025, with the option to extend for two additional six-month periods, potentially lasting until November 17, 2027 [3] Financial Health and Covenants - As of June 30, 2025, ARGAN's financial indicators exceeded covenant requirements, demonstrating strong debt management and sustainable growth [4] - The company holds an Investment Grade rating of BBB- with a stable outlook from S&P, positioning it favorably for the 2026 bond refinancing [4][7] Portfolio Overview - ARGAN's portfolio consists of 3.7 million square meters across approximately 100 warehouses in France, valued at €4.0 billion, generating over €210 million in annual rental income as of June 30, 2025 [6] - The company specializes in the development and rental of premium warehouses, focusing on energy self-sufficiency and tailored services for blue-chip clients [5] Debt Management Metrics - ARGAN maintains a consolidated EPRA LTV ratio below 65% and a secured LTV ratio below 45%, with an ICR ratio of at least 1.80 [11] - As of the latest reporting, the EPRA LTV ratio was 42.3%, and the secured LTV ratio was 30.8%, indicating effective debt management [11]