NEW ISSUE: Argan €500m WNG 3.5yr Green Sr Unsec; MS+135a
IGC European Market: Deal Flow - General
Issuer
Term
Maturity
Size
Ranking
Type
IPT
ISIN
Argan
3.5yr
30-Oct-29
€500m WNG
Sr Unsec
Green Fixed
MS+135a
FR0014017JX1
IPTs: MS+135bp area
Issuer: Argan
Issuer LEI: 529900FXM41XSCUSGH04
Issuer Ratings: BBB- stable (S&P)
Expected Issue Ratings: BBB- (S&P)
Format: Reg S, Unconditional, unsubordinated and Senior Unsecured, Dematerialized Bearer
Pricing Date: 23-Apr-26
Settlement: 30-Apr-26 (T+5)
Issue Type: 3.5-Year Fixed
Maturity Date: 30-Oct-29
Issue Size: €500m WNG
Coupon: Fixed, Annual, Act/Act ICMA, Short First Coupon
ISIN: FR0014017JX1
Docs: Standalone
Listing: Euronext Paris
Clearing: Euroclear France
Law: French
Par call: 1-months par call
Clean-up call: Yes, at par (75%)
Change of control: Yes, at par
Denoms: €100,000
Covenants Package: LTV Ratio (Net Financial Indebtedness divided by the Revalued Assets Value): ≤65% (tested semi-annually) Secured Debt Ratio (aggregate principal amount of all outstanding Secured Debt of the Issuer on a consolidated basis divided by the Revalued Assets Value): ≤45%; ≤50% for no more than two consecutive measurement dates for the first time since the Issue Date (tested semi-annually) Interest Coverage Ratio (Consolidated Income Available for Debt Service to the Debt Service Charge) ≥1.8x (tested semi-annually)
Use of Proceeds: An amount equivalent to the net proceeds from the issuance of the Bonds will be used to finance or refinance, in whole or in part, a portfolio of green assets which meet the eligibility criteria specified in the Issuer’s Green Financing Framework, which is available on the Issuer's website.
Sole Global Coordinator: J.P. Morgan
Green Bond Structurers: Crédit Agricole CIB, J.P. Morgan
Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID or CCI product summary has been prepared as not available to retail in EEA or UK.
Selling restriction: US Reg S (TEFRA Rules not applicable), Singapore. Prohibition of sales to EEA and UK Retail investors in accordance with the Final Prospectus. No filing has been made in Japan in respect of the notes. The bonds shall not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any person resident in Japan, including any corporation or other entity organised under the laws of Japan.
Advertisement Language: The Final Prospectus, when published, will be available on the website of the AMF (www.amf-france.org) and on the website of Argan (www.argan.fr).