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

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[{"type":"text","content":"Press release – Neuilly-sur-Seine, Tuesday, November 18, 2025 – 8.00 am","length":71,"tagName":"p"},{"type":"text","content":"ARGAN is preparing for its upcoming bond refinancing and signed a bridge-to-bond loan for €500 million","length":103,"tagName":"p"},{"type":"text","content":"ARGAN is actively preparing for its 2026 bond refinancing and thus announced today the signing of a short-term credit contract for a bridge-to-bond loan in an amount of €500 million, with a banking pool led by J.P. Morgan, along Crédit Agricole CIB, BNP Paribas and Société Générale.","length":283,"tagName":"p"},{"type":"text","content":"A short-term financing in an amount of €500 million to prepare for an upcoming bond maturity","length":92,"tagName":"p"},{"type":"text","content":"ARGAN finalized today – with a banking pool that includes J.P. Morgan, CACIB, BNP and Société Générale – a bridge loan in an amount of €500 million.","length":148,"tagName":"p"},{"type":"text","content":"This financing aims at preparing under the best conditions the upcoming bond refinancing, which should take place in 2026, for an initial bond issued in 2021 and maturing on November 17, 20261.","length":193,"tagName":"p"},{"type":"text","content":"For an initial duration of 12 months starting on November 17, 2025, this loan can be extended, at the borrower’s discretion, for two successive periods of six months each, i.e., until November 17, 2027.","length":202,"tagName":"p"},{"type":"text","content":"Fully met covenants ","length":19,"tagName":"p"},{"type":"text","content":"This refinancing includes the following covenants:","length":50,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"A consolidated LTV ratio (EPRA LTV excluding duties) below 65%","length":62,"tagName":"p"}]},{"val":[{"type":"text","content":"A secured LTV ratio below 45%","length":29,"tagName":"p"}]},{"val":[{"type":"text","content":"An ICR ratio of at least 1.80","length":29,"tagName":"p"}]},{"val":[{"type":"text","content":"A portfolio value (excluding duties) above €2 billion","length":53,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":173,"olType":false},{"type":"text","content":"At June 30, 2025, ARGAN presented indicators that were well above the requirements:","length":83,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"An LTV EPRA ratio...

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