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S&P assigns B- to TransOil notes
S&P said it affirmed its B- rating on Aragvi Holding International (TransOil) and assigned a B- issue rating to the company’s proposed notes.
The outlook is stable.
Moldova-based trader and processor of sunflower seeds and grains TransOil has announced its intention to refinance its $300 million eurobond senior secured notes due 2024 with a new eurobond senior secured notes issuance.
“At closing we expect the group to post a S&P Global Ratings-fully adjusted debt-to-EBITDA ratio of around 4.5x; however, we expect leverage to decrease to the 3.0x-3.5x range over the next two years, and funds from operations (FFO) to debt to increase to close to 20% by fiscal year-end 2022 (June 30),” S&P said in a news release.
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