Argan announced it has signed a short-term bridge-to-bond credit amounting to 500 million euros. This loan, concluded with a banking consortium led by J.P. Morgan, also includes Crédit Agricole CIB, BNP Paribas, and Société Générale. This short-term financing is intended to facilitate the refinancing of a bond issue scheduled for November 2026. The credit has an initial duration of twelve months starting from November 17, 2025, with an option to extend up to two six-month periods.
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The financing includes several financial covenants, notably a consolidated LTV ratio below 65%, a secured LTV ratio below 45%, and an ICR ratio of at least 1.80. As of June 30, 2025, Argan meets these requirements, with an EPRA LTV ratio of 42.3%, a secured LTV ratio of 30.8%, and an ICR ratio of 5.5. The value of the company's real estate assets amounts to 4 billion euros.
Company Profile and Strategy
Argan, positioned as a leader in the development and leasing of premium warehouses, is listed on Euronext Paris. Supported by an Investment Grade rating (BBB-, stable outlook) from S&P, the company continues its strategy focused on rigorous debt management and enhanced sustainability. Argan also highlights its proactive ESG policy, recognized by several third-party organizations.
Sur la base des très bonnes réalisations du premier semestre, et tenant compte du calendrier des livraisons de 2026, ARGAN révise à la hausse l'objectif annuel
Risks mentioned
Marge sur revenus du résultat net récurrent a diminué à 71 %.
Opportunities identified
Accélération du développement avec des livraisons avancées pour 2026.
Outlook / guidance
Expected revenue: 221 millions d'euros
Management commentary: l'objectif annuel d'environ 6 € par action
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
