Moldova-based trader and processor of sunflower seeds and grains Aragvi Holding International (TransOil) has completed the issuance of a five-year senior secured Eurobond to refinance its current debt. Under this new capital structure, we expect the group's S&P Global Ratings fully adjusted debt-to-EBITDA ratio will be 3.0x, with EBITDA interest coverage at more than 2.5x in the coming two years. We are assigning our 'B-' ratings to TransOil and its $300 million U.S. dollar-denominated senior secured Eurobond issued by Aragvi Finance International DAC and maturing 2024. The stable outlook primarily reflects our view that TransOil will post good operating performance, continue deleveraging after the transaction, and maintain an EBITDA interest coverage ratio of more than 2x in the next 12
