Argan SA (ARGFP)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	REAL	PRCD	ARGFP	Argan SA	€500		1	EMEA	Apr 23, 2026

Tranche #1Argan SA

currency

EUR

size (m)

500.000

maturity

Oct 30, 2029

type

Fixed

tenor

3.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

BBB-

fitch

size description

Will Not Grow

re-open/tap

ipt

MS+135 area

ipt-pxd

-35

guidance

n/a - straight to launch

spread

100

coupon

3.779%

spread set

price

99.99800

yield

3.785%

book size (m)

2,750

peak book (m)

2,800

x-covered

5.5

book attrition

-1.79%

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

2,750

peak book (m)

2,800

x-covered

5.5

book attrition

-1.79%

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 2750; Registration: Reg S Only; Comments: EUR500m 3.5yr Green Bond, fxd cpn 3.779% at 99.998, yld 3.785%. Spread: MS+100bps. 115.3bps vs. OBL 2 ½ 29 #190 (@99.560) / HR 99%. Par Call: 1m. MWC: B+20. CoC: 100%. Clean-Up Call: 75%. LEI: 529900FXM41XSCUSGH04;

Deal Comments

Green Bond. UPDATE: Spread Set at MS+100#

Use of Proceeds

Green Bond per Issuer's Green Financing Framework

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	PRICED: Argan €500m 3.5yr Green Sr Unsec; MS+100bp	Apr 23, 2026
	ALLOCATIONS OUT: Argan €500m 3.5yr Green Sr Unsec; MS+100bp	Apr 23, 2026
	LAUNCHED: Argan €500m 3.5yr Green Sr Unsec; MS+100bp	Apr 23, 2026
	NEW ISSUE: Argan €500m WNG 3.5yr Green Sr Unsec; MS+135a	Apr 23, 2026
	MANDATE: Argan SA Inv Calls 21-22-Apr; Reg S €500m WNG 3.5yr Green Sr Unsec Offering May Follow	Apr 22, 2026
	MANDATE: Argan SA Inv Calls 21-22-Apr; Reg S €500m WNG 3.5yr Green Sr Unsec Offering May Follow	Apr 21, 2026

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Argan SA (ARGFP)

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