Moldovan-Romanian agroholding Trans-Oil Group places $550 mln in Eurobonds
CHISINAU. Nov 14 (Interfax) - The Moldovan-Romanian agro-industrial holding Trans-Oil Group has placed $550 million in five-year Eurobonds to refinance $500 million of bonds maturing in 2026, the holding said in a statement posted on its website.
"The Group has issued a new $550 million Eurobond, maturing in 2029, as part of its strategy to optimize the capital structure and extend the debt maturity profile," Trans-Oil Group said.
Demand from global investors was strong, with the order book reaching $1.2 billion. "The issuance received broad interest from institutional investors, development financial institutions, hedge funds, private banks and asset managers across North America, Europe and Asia," the company said.
Citi, ING and Oppenheimer were Joint Global Coordinators, and, together with Raiffeisen Bank International and UniCredit, were Joint Bookrunners.
The proceeds will be used to fully refinance the existing 2026 Eurobond, repay other outstanding debt and cover transaction fees and commissions.
Trans-Oil Group, the parent company of which is Aragvi Holding International, was established in 1996. The group owns and operates five oilseed crushing facilities: three in Moldova, one in Romania and one in Serbia. It operates 49 storage facilities with total capacity of over 1 million tonnes and provides grain and oil handling and transshipment services through terminals located in Reni in Ukraine, Giurgiulesti in Moldova and Pancevo and Backa Palanka in Serbia. The total throughput capacity of the six terminals is over 6 million tonnes per year.
Trans-Oil Group said on October 28 that it planned by the end of the year to acquire, for $63 million, the Frial terminal at the port of Constanta in Romania with transshipment capacity of 1.5 million tonnes of grain and 500,000 tonnes of vegetable oil.
The holding placed $500 million in five-year 8.45% bonds in 2021.
S&P Global Ratings assigned an expected rating of 'B' to the planned Trans-Oil Group Eurobonds at the end of October. Fitch Ratings assigned the planned issue a rating of 'B+(EXP)'.
