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]

Core Viewpoint - International Petroleum Corporation (IPC) has successfully completed a private placement of USD 450 million in senior unsecured bonds, which will be used to refinance existing debt and extend the maturity of its bonds to October 2030 [1][2][4]. Group 1: Bond Details - The bonds have a tenor of five years and a fixed coupon rate of 7.50 percent per annum, with interest payable in semi-annual installments [1]. - The bond issue is expected to be rated B+ by S&P Global Ratings and B1 by Moody's [1]. - Settlement of the bonds is anticipated around October 10, 2025, subject to customary conditions [2]. Group 2: Use of Proceeds - Net proceeds from the bond issuance will be utilized to fully repay IPC's existing USD 450 million outstanding bond issue by exercising the call option [2]. Group 3: Company Performance and Strategy - IPC's President and CEO, William Lundin, highlighted the favorable conditions in the debt capital markets as a reason for refinancing, emphasizing the company's strong operational and financial performance in 2025 [4]. - The company is focused on prudent business stewardship and believes this refinancing is timely, supported by the long-life nature of its production profile and reserves [4]. - IPC is involved in the transformational Blackrod Phase 1 development project, which is on schedule and within budget [4]. Group 4: Company Overview - IPC is an international oil and gas exploration and production company with a high-quality asset portfolio located in Canada, Malaysia, and France, providing a solid foundation for growth [4]. - IPC is a member of the Lundin Group of Companies and is listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [4].

Core Points - Jyske Realkredit is set to conduct auctions for refinancing on 27 May 2025, specifically for loans in cover pool E [1] - The total refinancing amount includes DKK 14 billion for Var. 422.E.OA Cb3.ju29 RF and DKK 8 billion for Var. G422.E.OA Cb3.ju29 RF [1] - The auction will utilize Bloomberg's auction system and will offer bonds at a price of 100.20 [3] Auction Terms - Floating-rate loans will be refinanced in a single auction on 27 May 2025, with bids required to be made in multiples of DKK 1,000,000 [3] - Bids must be placed correct to one basis point based on the reference rate spread used for coupon fixing [3] - All bids below the cut-off fixing spread will be settled in full, while proportional allocation may apply for bids at the exact cut-off fixing spread [4] Settlement and Reverse Facility - The value date for all trades executed at the auction will be 1 July 2025, and all bonds will be subject to long settlement [5] - A reverse facility will be available for auction participants who need the bonds after only two days, allowing for the sale and subsequent repurchase of allotted bonds [6][7] - The size of the reverse facility will be determined individually but cannot exceed the amount allotted to each bidder [7] Technical and Other Considerations - In case of technical issues preventing the auction, a stock exchange announcement will provide practical details [8] - Jyske Realkredit is not obligated to sell the announced offering, which may be subject to changes or postponements [9][10] - Credit ratings for all auctioned bonds issued through Capital Centre E are rated AAA by S&P [7]