Central and Eastern Europe (CEE)-based agribusiness group Aragvi Holding International (Aragvi; trading as Trans-Oil Group) has issued new $550 million long-term senior secured notes that have enabled it to fully refinance its largest debt maturity, the senior notes due in April 2026. We project that Aragvi will generate around $200 million-$230 million of S&P Global Ratings-adjusted EBITDA in 2025-2026, with adjusted debt leverage of 2.7x-2.9x and EBITDA interest coverage of 2.4x-2.5x. We believe that the group will be able to adequately fund its business needs in 2025, notably its large working capital needs, thanks to good access to bank financing. It will also be able to maintain adequate headroom under its financial covenants. We therefore raised our long-term issuer credit
