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.
Management commentary: ARGAN rehausse à nouveau son objectif annuel pour les revenus locatifs au titre de 2026 et vise au moins 222 M€, soit une progression de + 5 % par rapport à 2025.
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