...- Moldova-based trader and processor of sunflower seeds and grains Aragvi Holding International (TransOil) has announced its intention to refinance its $300 million Eurobond senior secured notes due 2024 with a new Eurobond senior secured notes issuance. - The proceeds will repay existing bonds and fund both Aragvi and the newly consolidated Serbian asset's (V-Oil) working capital requirements. - 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). - We affirmed our 'B-' rating on TransOil and assigned our 'B-' issue rating to the proposed notes. - The stable outlook primarily reflects our view that the company will post a good operating performance, continue deleveraging post-transaction, and maintain an EBITDA interest coverage ratio of more...
