ARGAN today announced it successfully placed an inaugural 500 million euros green bond, maturing in October 2029, with an annual coupon of 3.779% (i.e., a margin of MS + 100 bps) in line with the company’s expectations1, as outlined in particular in its 2025 annual results2.
This first green bond—5.5 times oversubscribed—demonstrates investors’ confidence in ARGAN’s strategy, the quality of its credit rating—BBB- with a stable outlook by S&P— as well as the environmental performance of its portfolio.
This transaction will be used to repay the bond issued in 20213, in an amount of 500 million euros, as part of Green Financing Framework available on the company’s website.4.
Finally, in a market environment that has become more demanding, this transaction marks an important milestone for ARGAN. The Group can therefore confidently continue the deployment of its medium-term growth strategy, supported by a solid financial structure, a prudent debt policy, and a financing profile further strengthened by this new green bond issuance.
The bonds, whose settlement and delivery are scheduled for April 30, 2026, were placed with a broad range of French and international institutional investors and will be admitted to trading on Euronext Paris.
J.P. Morgan acted as sole global coordinator, green bond structurer, and joint bookrunner. Crédit Agricole CIB acted as green bond structurer and joint bookrunner, alongside BNP Paribas and Société Générale as joint bookrunners. Brandford Griffith & Associés and Gide Loyrette Nouel acted as legal advisors to ARGAN and to the banking syndicate, respectively.
Footnotes:
1 For more information, please refer to the press release dated January 22, 2026 and the 2025 Universal Registration Document.
2 For more information, please refer to the press release dated January 22, 2026.
3 The completion of this bond issuance cancels the €500 million short-term “bridge-to-bond” facility obtained at the end of 2025 in preparation for this refinancing transaction.
4 The Green Financing Framework is available with the following link: https://www.argan.fr/en/financial-model/.
