Joint Bookrunner & Sole Ratings Advisor to Trans-Oil Group on its New US$550m Senior Secured Eurobond
Oppenheimer’s European Capital Markets Group is pleased to announce it acted as Joint Global Coordinator and Joint Bookrunner & Sole Ratings Advisor to Trans-Oil Group on its new US$550m 11.125% 5NC2 high yield bond offering
Trans-Oil Group (rated B+ stable by Fitch and B stable by S&P) has successfully returned to international debt capital markets with a new US$ 550m 11.125% due 2029 high yield bond offering (reoffer yield 11.375%). Proceeds from the issue are used to finance an early redemption of US$ 500m 8.45% Notes due 2026 via an any-and-all tender offer and exit consent (liability management).
The transaction represents a significant milestone for the Company as it:
- Addresses proactively any potential refinancing risk via an investor friendly repurchase of the existing notes at/slightly above par and a new issue
- Repositioned Trans-Oil’s in the eyes of the investor community with the largest offering to date at tightest spread to benchmark (T+705)
- Attracted large investor demand with orderbook surpassing US$1.2bn at peak (>2x oversubscription) and a number of new top global accounts investing into the Trans-Oil’s credit story
Vaja Jhashi, CEO of Trans-Oil Group, commented: “We are thrilled with the strong support from our global investor base, which highlights their confidence in the future of Trans-Oil Group. This successful refinancing is a testament to the strength of our business model, our commitment to sustainable growth, and our focus on delivering value to all stakeholders. The diverse participation from institutional investors, hedge funds, private banks, and asset managers underscores the broad appeal of our strategic approach and our solid credit profile.”
Trans-Oil is a leading vertically integrated agro-industrial business in CEE, with key production assets in Moldova, Romania, Serbia and Ukraine. Main operating segments: Origination & Marketing and Crushing & Refinery of sunflower seeds and other grains.
- Key sales markets are MENA (38%), EU (24%), Asia (16%), Türkiye (16%) and CEE (9%)
- US$ 2.3bn Revenue; US$ 212m EBITDA (FY24) at strong margins of 9% and healthy net leverage of 1.5x
- Trans-Oil Group is owned by the founder (87.5%) and Oaktree Capital Management (12.5%)
Oppenheimer Europe Ltd.
125 Wood Street, London EC2V 7AN, United Kingdom
Oppenheimer Europe Ltd. is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. 7413136.1
This notice is provided for informational purposes only, and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. Nothing contained herein shall constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited.
This notice may contain statistical data cited from third-party sources believed to be reliable, but neither Oppenheimer & Co. Inc. nor Oppenheimer Europe Ltd. represents that any such third-party statistical information is accurate or complete, and it should not be relied upon as such. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice.