Commentary & Deal Flow

Final Books over €2.75bn. Peak book north of €2.8bn (pre-rec)

Launched: 3.5yr: €500m @ MS+100bp - Books north of €2.8bn (pre-rec)
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
• Coupon: Fixed, Annual, Act/Act ICMA, Short First Coupon
• ISIN: FR0014017JX1
• Reference Benchmark: OBL 2 ½ 11-Oct-29 #190
• Hedge Ratio: 99%
• Hedge Deadline: 15.55 CET / 14.55 UKT
• 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 (B&D)
• Green Bond Structurers: Crédit Agricole CIB, J.P. Morgan
• Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, J.P. Morgan, Société Générale
• 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).
• Timing: Books closed 13.00 CET / 12.00 UKT