Home Moldova Company Investor Relations News Business Contact Us Careers News TRANS-OIL GROUP SUCCESFULLY PRICES NEW US$50M TAP ISSUE OF THE RECENT US$450M 5NC3 EUROBOND Published: 14 September 2021 On 10th September 2021, Trans-Oil Group (‘the Group”) successfully priced US$50m tap issuance of the original US$450m Eurobond due 2026. The transaction brings the outstanding Eurobond to a total benchmark size of US$500m following the US$400m new Eurobond issue in April 2021 and first US$50m tap issue in June 2021, supporting the investor demand and enhancing liquidity. The new tap issuance was launched on the back of strong secondary market trading and generated outstanding investor demand with a total order book reaching US$ 300m during the bookbuilding reflecting sixfold oversubscription. The high quality demand came from the institutional investors from the US (offshore), UK and Continental Europe representing approximately 50, 25 and 25 per cent of the book. As the result, the tap was priced at price of 104.125 reflecting final yield of 7.33% (YTW) – well inside the original issue yield. The transaction further improves the Group’s capital structure and maturity profile replacing inflexible short-term trade finance lines with top-line driving long-term debt. S&P and Fitch reaffirmed credit ratings of the Group and the Eurobond following the proposed tap issue. Citi, ING and Renaissance Capital acted as Joint Lead Managers and Joint Bookrunners in connection of the tap issuance. “The exceptional international investor demand we have seen for our new tap issue is an additional testimony of our consistently outstanding performance, strengthening business model and solid credit profile. We are grateful for the support of our long-standing investors and welcome new accounts, which will altogether benefit from solid liquidity of $500m benchmark total issue size. With the new issue we continue to improve our capital structure and extend the debt maturity profile contributing to sustainable growth and development of leading regional agri-industrial franchise” - commented Vaja Jhashi, CEO and Founder of Trans-Oil Group. We are proud to announce that we are shipping 75,000 tons of barley from Constanta to Persian Gulf Published: 24 July 2021 We are proud to announce that we are shipping 75,000 tons of barley from Constanta to Persian Gulf . This is the largest shipment so far from Constanta this trading season. On 2nd of July TransOil placed successfully another US$50m tap of the recent TransOil’s US$400m 5NC3 high yield bond Published: 02 July 2021 On 2nd of July TransOil placed successfully another US$50m tap of the recent TransOil’s US$400m 5NC3 high yield bond. The tap came on the back of strong secondary market performance of the initial US$400m 8.45% 5-year offering of TransOil placed last month, which saw an orderbook above US$1.5bn. It was priced at a yield of 7.45% / price of 104.033 with the orderbook reaching an unprecedented 10x oversubscription (ca USD500m) supported by a very high-quality long only accounts & banks from the US, UK and EU. The offering represents another landmark achievement for Trans-Oil and the CEE region this year, as: One of the highest oversubscriptions ever for a high-yield tap - by over 10x This offering continued to reprice Trans-Oil’s credit risk, with tap yield 1% inside the original yield It replaces more expensive & inflexible trade finance lines with top line driving long-term debt Retained important DFIs as investors The record-breaking book oversubscription signals of the continued strong demand towards high-yielding issuers and CEEMEA region despite inflation concerns. We have shipped our first tanker carrying 12,000mt of sun oil to Persian Gulf from our port in Moldova Published: 25 June 2021 First shipment of sunflower seeds from Argentine to Romania and Moldova Published: 23 June 2021 TRANS-OIL GROUP SUCCESFULLY PRICES NEW US$400M EUROBOND ISSUE Published: 29 April 2021 On 14th of April, Trans-Oil Group (“the Group”) has successfully returned to the international debt capital markets with a new US$ 400m Eurobond issue due 2026. The transaction is a landmark Eurobond placement in the CEE region in 2021 and the largest offering out of Moldova as the Group continues to be the country’s only issuer post the debut deal in 2019. The new Eurobond issue generated outstanding demand from international institutional investors with a total order book exceeding US$ 1.5bn during the bookbuilding. Broad investor demand diversification was evidenced by active participation of international asset managers and funds across geographies. Investors from Continental Europe, the US, Switzerland and the UK received 27, 26, 25 and 19 per cent allocation in the final book respectively, with the rest coming out of MENA and Asia. International development financial institutions and long-standing partners of the Group, Black Sea Trade and Development Bank (“BSTDB”) and International Investment Bank (“IIB), have anchored the deal, confirming a total US$ 50m commitment to participate in the new issue at the time of the transaction announcement. On the back of strong investor demand, the transaction was priced at a yield of 8.45%, representing a significant 365 basis points reduction compared to the debut US$ 300m Eurobond issue in 2019. The proceeds from the issue are to be used to finance an early redemption of the outstanding US$ 300m 12% Notes due 2024 via an any-and-all tender offer and exit consent exercise with additional funds directed for general corporate purposes, including financing of the Group's working capital. The issue was assigned an expected 'B' rating by Fitch Ratings and a 'B-' rating by S&P Global Ratings. “The new transaction sets an important milestone in Trans-Oil capital markets history after the debut transaction in 2019. Since that time, the Group has transformed into a larger and more diversified CEE agro-industrial franchise while our revenues and EBITDA have almost doubled. We are grateful that the broad international investor universe has recognized our consistently outstanding performance and strengthened business model. The new issue has attracted robust demand in excess of US$ 1.5bn stemming from our long-standing investors as well as new accounts out of the US, Europe, Asia and MENA, and we achieved substantial yield reduction. With this exceptional investor support we are confidently looking forward and will continue to develop our leading agri-industrial business within the Danube region” - commented Vaja Jhashi, CEO and Founder of Trans-Oil Group “The overwhelming investor demand for the new Eurobond issue reflects the Group’s resilient business model and proven growth and profitability track record. Trans-Oil has further strengthened its funding profile and proven its access to capital markets contributing to the long-term sustainable development of the Group.” - commented Jim Van Steenkiste, Co-Portfolio Manager, European Principal Group, Oaktree Capital Management, L.P. How should agribusiness react to climate change? Published: 30 November 2020 Climatic risks are on the top of the EU environmental investment priorities. Given high rate of deforestation, temperature rise to 1.5 degree Celsius by 2050 is a realistic scenario. It will inevitably affect most industries. Adaptation to climate change is an urgent need for many of them. Especially for companies in the agricultural sector. Droughts, floods and sharp temperature fluctuations may cause agricultural losses, and as a result financial instability of a company. These negative impacts are often exacerbated by chronic problems in the agricultural sector, that have accumulated over decades. For this reason, agribusiness investors are paying increasing attention to understanding risks caused by climate change. At the webinar you will learn about: impact of climate change on agriculture in Eastern Europe and Central Asia; criteria used by investors to assess resilience to climate risks; real examples of agribusiness adaptation to climate change risks in Ukraine and Moldova; how investors support climate adaptation of their clients. Target audience: top management, E&S specialists, investors, representatives of the public sector and government agencies, consultants, etc. Speakers: Natalia Alekseeva, Team Leader for National Climate Change Action, FAO (Italy); Fiodor Rafiev, Director of Legal Department, Corporate Secretary, Trans Oil Group (Moldova); Liubov Bohachevska-Jensen, Director of Development and Communications, GoodValleу (Ukraine). Moderator: Tatiana Gerling, Senior Environmental and Social Specialist, FMO. When: 8 December 2020 Where: ZOOM platform FaceBook: https://www.facebook.com/transoilgroupmd Registration link: https://bit.ly/3nN7Ufj We look forward to welcoming you at the webinar! Trans-Oil Group was honored to meet Mr Igor Dodon Published: 06 October 2020 Today, Trans-Oil Group was honored to meet Mr Igor Dodon on construction site in International Freeport Giurgiulesti. Mr president expressed his high appreciations for the work that was done and thanked for efforts and investment that Trans-Oil Group is engaging to bring new technology to Moldova. Trans-Oil Group is building new Sunflower Processing plant that is planned to start up in March 2021 Trans-Oil Group (Aragvi Holding International Ltd.) reviewed interim consolidated IFRS financial statements for the six-month period ended 31 December 2019 released Published: 26 March 2020 Trans-Oil Group (Aragvi Holding International Ltd.), the largest agro-industrial holding in Moldova, has released today its reviewed interim consolidated IFRS financial statements for the six-month period ended 31 December 2019. H1 FY2020 Financial highlights: Consolidated revenues for H1 FY2020 recorded USD 464 million, an increase of 64% y-o-y from USD 282 million for H1 FY2019 as a result of increased grains and oil seeds origination (59% increase in Origination & Marketing segment in H1 FY2020 vs H1 FY2019) and crushing segment (179,000 tons vs 88,000 tons of sunflower seeds crushed in H1 FY2019). This is due to increasing crop production in Moldova, increased utilization capacity of the crushing facilities, rebound of vegetable oils market, trading/crushing operations in Romania and Ukraine, improved financing program (e.g. PXF usage of USD 106 million and USD 300 million Eurobond issue) and strong international marketing program. EBITDA for H1 FY2020 amounted to USD 57.7 million, rising by 47% y-o-y from USD 39.2 million for H1 FY2019, on the back of record revenues and strong operating performance. Strong EBITDA margin of 12.4% for H1 FY2020 as the Group continued to benefit from its market leading positions, strong pricing power and high operating efficiency. Cash from operations for H1 FY2020 (before changes in working capital) amounted to USD 57.3 million, an increase of 46% y-o-y from USD 39.1 million for H1 FY2019. Net income for H1 FY2020 was USD 24.1 million. The Group’s financial position as of 31 December 2019: The Group’s adjusted net (interest bearing) debt as of 31 December 2019 stood at USD 140 million representing decrease of 14% compared to 30 June 2019 driven by larger RMI balances and lower PXF utilization. Our RMIs as of 31 December 2019 were USD 325 million, an increase of 15% compared to 31 December 2018 driven by larger sales volume and purchases to finance the growing trading and crushing volumes on the back of available permanent working capital and extended drawdowns under the trade finance lines. Adjusted Net (interest bearing) Debt / (LTM) EBITDA stood at 1.5x compared to 2.1x as of 30 June 2019. Fixed charges coverage ratio stood at 2.0x flat compared to 30 June 2019. Commenting on H1 FY2020 financial results, the Group CEO Vaja Jhashi said: “We achieved record-high performance for H1 FY2020. This contributed to all-time high revenues and EBITDA of USD 464 million and USD 58 million for H1 FY2020, an increase of 64% and 47% compared to the results in previous financial year. We retain strong EBITDA margin of 12.4% on the back of our unique strategic asset base in Moldova and our wide international reach throughout Europe and MENA regions. We maintain strong financial profile efficiently utilizing our financing lines and committing to the continuous deleveraging with adjusted Net Debt / EBITDA decreased to 1.5x. Our strong H1 FY2020 performance provides a solid ground for exceptional operational results for this year. We expect to originate and sell around 2.5 million metric tons of grains & oilseeds and crushing volumes to exceed 400k metric tons in FY 2020” Visit to TransOil Giurgiulesti Port Terminals of H.E. Mr. Dereck J. Hogan, US Ambassador to Moldova on October 28, 2019 Published: 28 October 2019 On October 28, TransOil hosted the visit of H.E. Mr. Dereck J. Hogan, U.S. Ambassador to Moldova. Mr. Ambassador visited TransOil’s port terminals and discussed about the Group’s operations and development plans with Mr. Vaja Jhashi, President & CEO of TransOil Group. Mr. Ambassador outlined the importance of agribusiness as being the driver in the modernization of the economy of the Republic of Moldova and largest contributor to its GDP. The President Vaja Jhashi appreciated the support of the U.S. Embassy and its efforts towards the development of the business society and, in particular, agriculture community of the Republic of Moldova. The parties agreed to continue talks on further cooperation and fostering a more favorable climate for foreign trade and investment. Trans-Oil Group (Aragvi Holding International Ltd.) audited consolidated IFRS financial statements for the year ended 30 June 2019 released Published: 15 October 2019 Trans-Oil Group (Aragvi Holding International Ltd.), the largest agro-industrial holding in Moldova, has released today its audited consolidated IFRS financial statements for the year ended 30 June 2019. The entire document can be accessed at http://transoilcorp.com/images/transoil/reports/r30.06.19.pdf. 2019FY Financial highlights: Consolidated revenues for 2019FY recorded USD 552 million, an increase of 21% y-o-y from USD 458 million for 2018FY, the strong performance was supported by bumper crop in Moldova, improved financing program and strong international marketing program. Total sales almost reached 2 million MT (increase of 25% y-o-y) with a substantial increase in sunflower seeds, wheat and other key crops (barley, soybeans and rapeseeds). EBITDA for 2019FY amounted to USD 73.6 million, rising by 22% y-o-y from USD 60.3 million for 2018FY, on the back of record revenues and strong operating performance Strong EBITDA margin of 13.3% for 2019FY compared 13.2% for 2018FY, as the Group continued to benefit from its market leading positions, strong pricing power and high operating efficiency Cash from operations for 2019FY (before changes in working capital) amounted to USD 73.5 million, an increase of 22% y-o-y from USD 60.1 million for 2018FY Net income for 2019FY was USD 34.6 million, an increase of 30% y-o-y from USD 26.1 million for 2018FY The Group’s financial position as of 30 June 2019: The Group’s adjusted net debt as of 30 June 2019 stood at USD 161 million. An increase of 30% compared to 30 June 2018 was primarily driven by Romanian plant acquisition loan, extended drawdowns under the trade finance lines and larger RMI balances we had as of 30 June 2019. The Group’s total debt outstanding (excluding shareholder loan) stood at USD 379 million as of 30 June 2019. During 2019FY the Group has improved its capital structure via the issuance of USD 300 million 5-year Eurobond issue, which now comprise the largest part of the debt portfolio in addition to PXF line utilized to finance through-the-cycle RMI needs Our RMIs as of 30 June 2019 were USD 189 million, an increase of 71% compared to 30 June 2018 driven by larger sales volume and purchases to finance the growing trading and crushing volumes for 2020FY on the back of available permanent working capital and extended drawdowns under the trade finance lines. Adjusted Net Debt / EBITDA stood at 2.2x compared to 2.1x Fixed charges coverage ratio stood at 2.1x compared to 2.4x The slight deterioration in Adjusted Net Debt / EBITDA and Fixed charges coverage ratios are considered to be temporary and non-systemic. The company is still committed to its path of deleveraging going forward. Commenting on 2019FY financial results, the Group CEO Vaja Jhashi said: “We achieved record-high performance for 2019FY. This contributed to all-time high revenues and EBITDA of USD 552 million and USD 74 million for FY 2019, an increase of over 20% compared to the results in previous financial year. We retain strong EBITDA margin of 13% on the back of our unique strategic asset base in Moldova and our wide international reach throughout Europe and MENA regions. The financial profile of the Group has substantially strengthened with a an debut issue of 5-year USD 300 million Eurobonds and lately with the renewed USD 150 million PXF line, syndicated by a number of DFIs and international financial institutions. While the Group is performing well and we are also very optimistic about the future, and plan to sell at least 2 million metric tons of grains & oilseeds and crush some 450k metric of sunflower seeds at Floarea Soarelui (Moldova), Trans Oil Refinery (Moldova) and Romanian crushing plant, which was acquired in 2019.” The signing of the Revolving Pre-Export Finance Published: 01 October 2019 TRANS OIL Group is pleased to announce the signing of the Revolving Pre-Export Finance facility in the amount of up to $150 million. The proceeds will be used to purchase agricultural commodities crop of 2019 from local (Moldovan) farmers and other suppliers. The facility was committed by an international banking syndication comprised of DFIs and commercial banks. The syndication includes ING Belgium, European Bank for Reconstruction and Development, UniCredit Bank Austria AG, Black Sea Trade and Development Bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Mobiasbanca – OTP GROUP S.A., OTP Bank Plc, FIMBank p.l.c., and Banque Cantonale Vaudoise. FLORIS OLIVIO — new product of Trans-Oil Group of Companies on the Moldavian market Published: 05 August 2019 In the height of summer, Trans-Oil Group of Companies just started producing a new astonishing off-season product at its fat-and-oil complex FLOAREA SOARELUI SA — FLORIS OLIVIO, which is the blend of sunflower and olive oils in the convenient bottle type of 0.5 liters. According to the company's technologists, it is the top-quality product. The vegetable oils mix includes the basic product of the company Floarea Soarelui — refined and deodorized sunflower oil FLORIS (produced by the enterprise for almost two recent decades, and which technologies of production were brought to perfection), with added olive oil. The company imports olive oil from Greece — the EU country, which agricultural sector is associated with the great Mediterranean triad for millenniums: olive oil, cereals and grape wine. The blend of FLORIS OLIVIO includes sunflower oil and olive oil in the ratio of 4:1. On the one hand, the reporting ratio provides the Moldavian consumer with the traditional set of vitamins (in particular, group E) contained in sunflower oil, and on the other hand, it enriches the product with the useful and delectable Mediterranean flavour. In addition to the more balanced composition and higher nutritional content, the cost of the reporting sunflower-olive oils mix is cheaper than 100% olive oil. But it justifiably claims to the status of the premium product. Moreover, the consumer will be able to enjoy the benefits of the product universality — FLORIS OLIVIO can be used without any losses of consumer characteristics, both in the process of product high-temperature treatment — cooking and frying, and for dressing of raw vegetable salads. As a reminder, last summer the company Floarea Soarelui also offered the issue-related new product to its Moldavian consumers — crude sunflower oil FLORIS RUSTIC. In addition, the product is available in the ergonomic "garden-picnic" bottle of 0.5 liters, and it is marketed as the premium product, which has already become a success with the high-skilled chefs of Moldova. At the same time, FLORIS RUSTIC is the flavoured and bright "subject matter professional": oil for salad dressing, but not frying. Therefore, in the current year the Mediterranean sunflower and olive oils mix FLORIS OLIVIO will join the Floris product line (in convenient consumer-oriented packaging — 0.5 l) of Floarea Soarelui. In addition to FLORIS OLIVIO and RUSTIC FLORIS, on the Moldavian market the Floris product line also includes the well-known, classic, refined and deodorized sunflower oil FLORIS. In the nearest future, a number of new products of Floarea Soarelui SA will appear on the supermarket shelves — spicy and extremely appropriate for highly seasoned dishes on a hot August day, sunflower oil with spices. It is the bright oil for all intents and purposes — FLORIS CHILLI — with hot red chili pepper and allspice black peppercorn, as well as oil with garlic — FLORIS MUJDEI. For several recent years, Floarea Soarelui realized a series of large-scale projects on the production modernization — reconstruction of workshops was aimed at improving of the products quality, and focused on the growth of its sales not only in bulk, but also in rather convenient packaging. Therefore, the Moldavian consumers significantly increased attention to packaged sunflower oil of the company. Also, the Chamber of Commerce and Industry of the Republic of Moldova awarded the company for achievements in the sphere of quality-2010. In the short term, modernization of the quality infrastructure of Floarea Soarelui created the required conditions for the company to start realizing the program of increasing of sales of packaged sunflower oil on the high-margin western markets — in the European Union, and the large-scale Eastern markets — to the Middle East and China. At the same time, the Floris product range certainly have rather good export potential, said the General Director of Floarea Soarelui SA, Stella Ostrovetchi. Also, it should be noted that the highest quality of the consumer-oriented products of Floarea Soarelui is confirmed by the certificate of the most reliable international safety and quality management system ISO 22000, which the company already approved after the recent inspection at the enterprise in the current year. Oaktree Capital Management joins Trans-Oil Group as a shareholder Published: 18 June 2019 Trans-Oil Group is pleased to announce that Oaktree Capital Management (OCM) has acquired a minority interest in Aragvi Holding International Ltd (the parent company of Trans-Oil Group), thus becoming a shareholder of Trans-Oil Group. Oaktree Capital Management is a leading American global asset management firm specializing in alternative investment (including private equity) with over 120 Billion USD of assets under management. The new shareholder is expected to significantly increase the Group’s business outreach internationally, as well as to bring the highest standards of corporate governance and effective structures that will strengthen the performance of an important regional agribusiness player. This is the first corporate investment done by a major US global asset management firm in the Republicof Moldova, which comes after another pioneered success of 300 million USD Eurobond issue in April 2019 Trans-Oil Press Release Published: 16 June 2019 We would like to inform that temporary political crisis in Moldova has been resolved. Transfer of power has taken place. All state institutions are functioning in a normal mode without any disruption. The US State Department welcomed the decision of the Democratic Party (PDM) to abandon state management in favor of the government of Maia Sandu and the new parliamentary majority elected democratically, according to a press release from the US government. “We are inspired by the fact that, like the new coalition, the former government conducted a peaceful transfer of power, which reflects the will of the people.” Trans-Oil Press Release Published: 13 June 2019 The current political stand-off doesn’t have, neither will have any impact on Groups’ operations. All Groups’ assets, including the port terminal work without any disruption. New crop purchasing process particular to this period undergoes normally. All relevant state authorities work according to their schedule. The currency stays stable and local commercial banks are working without any interruptions Trans-Oil Press Release Published: 10 June 2019 In light of the recent political events in the Republic of Moldova, and certain misstatements which might appear in mass-media, Trans-Oil Group of Companies reiterates that its sole and only shareholder is Mr. Vaja Jhashi. Trans-Oil Group of Companies never had in the past and currently has no affiliation and/or businesses with any past or current political party or individual, neither directly or indirectly. The non-affiliation has been continuously confirmed via various due diligences conducted by international financial institutions. We are confident and optimistic that political parties will find democratic consensus very soon, serving the best interests of the people of the Republic of Moldova. Trans-Oil Group Welcomes Daniel Ruiz as Head of Global Funding and Business Development Solutions Published: 05 June 2019 Trans-Oil Group is proud to announce and welcome Daniel Ruiz as the Group’s Head of Global Funding and Business Development Solutions. Daniel will oversee key financial, development and expansion projects. During his almost 20-year career working for major banking institutions such as Societe Generale and BNP Paribas, Daniel has delivered consistent top and bottom line growth ahead of its markets. Its focus on successfully pioneering a new model of sustainable growth has served the needs of its many stakeholders and created excellent results for the Banks. On 1 June, the Transoil Group of Companies took part in events dedicated to the International Children's Day in Chisinau. Published: 03 June 2019 Operations Update - Tandarei crushing plant Published: 01 June 2019 Tandarei crushing plant, located in Ialomita, Romania, with a processing capacity of 650 metric tons (MT) of sunflower seeds per day, was recently acquired by Global Grain International, a Romanian subsidiary of Trans-Oil Group. Since closing of the deal in March 2019, Global Grain International hired over 30 people for de-hulling and extraction departments. In May 2019, a new boiler house with an output of 4 MT of steam per hour was commissioned. In addition, by mid-June, a new meal granulator with a total capacity of 15 MT of meal per hour will be commissioned. Within the month of June, Global Grain International will be also EU certified both ISO 9001:22001 and ISCC. After almost 2 years of leasing of Tandarei plant to Global Grain International, EFA Dynamic Trade Finance (EFA), a subsidiary of EFA Group, which is a Singapore based independent asset manager, has finally sold the plant to Global Grain International. This acquisition was financed by International Investment Bank (IIB) under a 7-year investment facility of EUR 10 million. IIB has also provided a long-term working capital facility of EUR 10 million. The operations in Romania will be consolidated into Trans-Oil Group consolidated financial statements for the financial year ending June 30, 2019. Full operational consolidation and earnings contribution to the Group will start from the new season, with the inception of crushing season by the end of August Investors from Europe, Switzerland bought 62% of TransOil bonds at a coupon rate of around 12% Published: 03 April 2019 Bloomberg - Olga Voitova Since the deal was a debut both from the issuer and from Moldova, there was an element of price discovery required. “There hasn’t been much corporate supply from the region apart from similar Russian and Georgian single B-rated peers in the region, so that was a useful guide,” said Gladkov. Investors from Europe bought 33% of issued bonds , Switzerland 29%, Great Britain 19 %, USA 18 % and other countries 1% TransOil scores with second attempt to open up Moldovan market Published: 03 April 2019 TransOil scores with second attempt to open up Moldovan market By Lewis McLellan 2 April 2019 TransOil, a Moldovan agricultural exporter, on Monday launched the first ever international bond from the country, completing the deal successfully. Citi, Renaissance Capital and UBS were bookrunners for the $300m five year benchmark, while VTB Capital joined the syndicate as joint lead manager. The leads offered price guidance of 12% area, before printing the deal in the line with that at 12%. The trade was “comfortably oversubscribed”, according to Andrey Solovyev, global head of DCM at VTB Capital. However, the final book size has not yet been released. Dmitry Gladkov, acting head of investment banking at Renaissance Capital, said: “The book was well covered by indications of interest when we finished the road show [on Friday, March 29].” Since the deal was a debut both from the issuer and from Moldova, there was an element of price discovery required. “There hasn’t been much corporate supply from the region apart from similar Russian and Georgian single B-rated peers in the region, so that was a useful guide,” said Gladkov. TransOil attempted to make its bond market debut in February 2018, but was unsuccessful because of market conditions. “The market went completely quiet when the issuer tried to come to the market last February,” said Gladkov. “The concerns around the US interest rate peaked then and wiped out upcoming issuances in the dollar space. “However, the company used its time well and came back with a stronger offering to the market. We had the 144A tranche as well as the Reg S, and a new rating from Fitch, as well as managing to secure an anchor investment from the Black Sea Trade and Development Bank, which helped to validate the transaction.” Trans-Oil Group successfully prices a debut US$300 million eurobond Published: 02 April 2019 Upon successful completion of road-show, Trans-Oil Group (Aragvi Holding International Ltd) is pleased to announce that on 1 April 2019 it successfully priced debut for the Group and for the country senior secured Eurobond issue of US$300 million at par. The issue’s settlement date is on 9 April 2019 with a maturity of 9 April 2024. The offering received strong international interest with European and US investors. The bonds are expected to be officially listed on the Irish Stock Exchange on or around 9 April 2019. Citibank Global Markets, Renaissance Securities and UBS AG acted as joint lead managers and bookrunners for the US$ Rule 144A/Reg. S issue. The bonds are rated B by Fitch and B- by S&P. The TRANS OIL Group and the International Banking consortium signed in Geneva an agreement! Published: 27 March 2019 The TRANS OIL Group and the international banking consortium signed in Geneva on March 26, 2019 an agreement on Pre-crop financing in the amount of $35 million to finance the needs of agriculture, which will allow to expand the volume of financing of farms and economic agents and, as a result, increase the acreage to 65,000 hectares. from the 2018 harvest in the Republic of Moldova from producers and economic agents. The international banking consortium included Société Générale S.A., Company Overview of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.(FMO), IIG Bank (Malta) Ltd Arab Bank (Switzerland) Ltd., FIMBank p.l.c. TRANS-OIL GROUP OF COMPANIES became the General sponsor of the international conference Middle East Grains&Oils Congress Published: 01 March 2019 Press release Trans-Oil Group of Companies is set to expand its sales to the MENA region (the countries of the Middle East and North Africa). The International Conference of the Middle East Grains & Oil Congress will take place at the Egyptian capital, Cairo on March 11-12th 2019. It is organized by APK-Inform (Ukraine), an information and analytical agency. Trans-Oil Group of Companies is the general sponsor of the forum. Vaja Jhashi: This event was not chosen randomly. Egypt is the largest importer of grains, ranking 1st in the world in wheat imports (12.5 million tons) and 5th place in imports of corn (9.7 million tons). Thus, Egypt is one of the main target markets for agricultural products from Russia and Ukraine, as well as our group of companies from Moldova. The MENA market is not new to us, but every year we strive to expand our presence there. Vaja Jhashi will make the opening speech to more than 200 conference participants from 22 countries. The conference will assess the global and regional markets of grain, oil-seeds and byproducts, as well as prospects for development in the nearest future. Special attention will be paid to the legal aspects of trade in Egypt, as a key player in the MENA market. Moldova will be represented by Thierry Beaupied, head of Trans-Oil Group’s trade department, who will discuss Moldova as promising supplier of grains to the Egyptian market. Tamaz Jhashi is Commercial Director of the Trans-Oil Group and will discuss the growing potential of Moldovan sunflower seed and byproducts on the global market. The general director of "Floarea Soarelui" SA, Stela Ostrovetchi will speak about the growth in worldwide consumption of sunflower oil due to its favorable qualities, as well as the development of new products such as high-oleic and organic sunflower oil. The following speakers will participate at the event: the General Secretary of the International Sunflower Oil Association (ISOA), a representative of the Egyptian State Foodstuffs Procurement Agency GASC, international experts in the establishment of prices and logistics, businessmen from Egypt, Libya, Jordan, China will also represent their markets. Press Service of the Trans-Oil Group The Day of Chisinau holiday Published: 15 October 2018 On 14th of October, Trans-Oil Group of Companies was a charity sponsor in the Day of Chisinau holiday. Trans-Oil is committed to the future and with this in mind, the companies participation in the event was focused especially on making the holiday an enjoyable day for the youngest citizens of Chisinau. There will be set a new record of sunflower yield in Moldova in 2018 Published: 15 October 2018 Moldova will be able to set a new record for sunflower yield this year: the yield is expected to be 2.6 t / ha this year, compared to 2.4 t / ha last year. The yield of sunflower grew gradually the last 4 years. Despite slight decline in crops in 2018 (from 384 thousand / ha to about 362 thousand / ha), the yield of sunflower seeds will be increased from 950 thousand to 1 million tons, compared to 920 thousand tons in 2017. According to experts, 400 thousand hectares of sowing is considered to be the limit, after the crop rotation will be disturbed which leads to soil depletion. Moldova is the leader in the share of areas planted with sunflower seeds nowadays, the total amount of arable land is more than 24% in Moldova, compared with neighboring countries - Ukraine (more than 17%) and Romania (10.1%). The management of Trans Oil Group believes that the positive dynamics in Moldova in recent years have been achieved through the use of more efficient seeds, the active introduction of modern methods of tillage, the correct selection of plant protection products and the government’s efforts to combat underhanded activity. The agro-logistic forum "Dnieper-Danube-Black Sea" will be held in Chisinau on October 2-3 Published: 04 September 2018 The event is organized by Information agency "Agroindustrial complex-Inform" in partnership with the International Finance Corporation (IFC), a member of the World Bank Group. The general sponsor of the forum is the Trans-Oil Group. As the organizers informed, the forum will discuss the current trends and prospects for the development of the Black Sea oilseed market; market of sunflower oil in the countries of the Danube region and its influence on the development of the world market of this product; development of infrastructure and logistics of the Dnieper-Danube-Black Sea basin. It is noted that the forum will focus on the oilseeds segment of the agricultural market, as the countries of the Danube River Basin play an important role in the formation of the supply of oilseeds. In particular, they provide up to 8% of the world production of oilseeds and annually demonstrate a positive dynamics of gross harvest of oilseeds. The forum is expected to involve producers and processors of grain and oilseeds, international trading companies, surveyors, ports, cargo owners, charterers, brokers, inspection and logistics companies, banks, state companies, engineering companies, industry associations, representatives of government organizations and international structures. The conference will be held in two languages: English and Russian. The loan for TRANS OIL Group is a guarantee of payment to agricultural producers Published: 11 July 2018 The TRANS OIL Group and the international banking consortium signed in Paris on July 11, 2018 an agreement on a syndicated loan in the amount of $240 million to purchase agricultural products from the 2018 harvest in the Republic of Moldova from producers and economic agents. The international banking consortium, which was headed by Societte Generale Paris , also included ING Bank Belgium, UniCredit Bank Austria AG , Black Sea Trade and Development Bank , FIMBank p . l . c , Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Arab Bank Ltd., Banque Cantonale Vaudoise. In the upcoming season the TRANS OIL Group plans to purchase more than 500,000 tons of sunflower seeds and more than 1.2 million tons of grain (wheat, barley, rapeseed, corn, peas) and over 100,000 tons of soybeans. As previously reported, the TRANS OIL Group increased the trans-shipment capacity at Giurgiulesti International Free Port and brought it to 1,600.000 metric tons of agricultural products per year. The largest sunflower oil factory Floarea Soarelui SA in Balti has launched a new oil extraction production facility that allows processing more than 300 thousand tons sunflower seeds per year and in addition the oil and fat plant in Ceadir Lunga - Trans Oil Refinery with a production capacity of more than 135 thousand tons sunflower seeds per year. Vaja Jhashi, President of TRANS OIL: "Due to cooperation with international financial institutions, TRANS OIL is the largest producer of sunflower oil in Moldova and an exporter of cereals, oilseeds, and legumes, it can guarantee agricultural producers timely payments for their products and the most favorable prices. Our task is not only to provide convenient export opportunities for Moldovan producers, but also to pay in time for their products at the best prices. A reliable buyer, which is the TRANS OIL group, is a timely calculation that allows to work normally and plan development for future years." The group of companies Trans Oil is the largest buyer and exporter of cereals and oilseeds in Moldova. The group includes 16 elevators all over the country, capable of storing more than 750 thousand tons simultaneously; 2 oil-extraction factories in Balti and Ceadir-Lunga with a production capacity of 1200 tons per day and 400 tons of sunflower a day, respectively; 2 grain terminals and a terminal for sunflower oil in the International Free Port of Giurgiulesti; as well as a number of agricultural, transport, infrastructure enterprises, including in Ukraine, own a fleet of modern railcars, as well as a modern fleet of trucks for freight traffic. Transoil Group of Companies has implemented more than $13 million worth of new investments for the 2018-2019 season which will increase overall production capacity in both North and South of Moldova and reduce costs. Published: 21 May 2018 The described investments above have been allocated to two projects at the Floarea Soarelui factory in the city of Balti, and a unique project at Giurgiulesti International Free Port. Vaja Jhashi, the President of the TRANS OIL group: As the largest producer of sunflower oil in Moldova and a major grain exporter, we understand our responsibilities. The quality of Moldova’s oil and cereal products depends on all participants in the production chain: agricultural producers, transport units, storage facilities,. Not only do our customers buy products from TRANS OIL companies, they importantly acquire goods produced in Moldova. Therefore, it is very important for us to invest in the most modern, ecological and advanced technologies to support the development of best practices for production and commodity handling in the country. This year, we have completed three new projects and have invested more than $13 million in total over three years to accomplish them. We continue to constantly explore new ideas for modernization of our production facilities. Modern equipment and a new Oil Extraction Division Floarea Soarelui is the largest oil and fats factory in Moldova. The factory has significantly increased its production capacity as a result of the installation of a new, modern oil extraction division. Construction of the division has been fully completed in May 2018. The production capacity of the new workshop supports overall processing capacity of up to 1200 tons of sunflower seeds per day or more than 300 thousand tons per year. The old workshop, built in the 1960s, could support processing of only 800 tons of sunflower seeds per day or up to 200,000 tons per year. The new equipment was supplied and installed by "EuropaCrown" Ltd Company. - One of the world’s leading equipment providers. The general contractor Ukrainian company JSC "Production Company Techmash" has extensive experience in the implementation of such strategic facilities in Ukraine. In particular, they built the largest in Eastern Europe steel factory InterpipeStyle at Dnieper as well as factories for the company, BUNGE, in Ukraine. Stella Ostrovetskaya is the General Director of JSC Floarea Soarelui: "Today, the increasing of production is extremely important. It is equally important to apply the most modern and advanced technologies in our factory. This can be achieved only through the introduction of processes, such as the new oil extraction division, that reduces cost and minimize production losses. Additionally, the new processes help to maintain and even improve our production quality and quantity indicators. This project will inevitably lead to an increase of the competitiveness of our end products and will allow us to maintain our leading position on the domestic market and also expand our export opportunities. Having invested $9.5 million in the construction and equipment of the new oil extraction workshop, Floarea Soarelui not only increased its production capacity by more than a third, but also received the most modern workshop in the region, equipped with the latest technologies. Boiler house on biofuel Also in 2018, Floarea Soarelui factory has successfully launched a new boiler house that allows for switching to an autonomous and environmentally friendly fuel. The production of oil requires steam treatment. This boiler house produces 25 tons of steam per hour with a pressure of 3.9 Pa and a temperature of 410 degrees Celsius. The boiler house works completely on husks, which are produced as a byproduct of sunflower seed crushing. Investments in the construction and equipment of the new boiler house amounted to $2.5 million. The project was implemented partially with participation of MOSEF and the European Bank for Reconstruction and Development. Currently, related to this project, there is ongoing work on the installation of a new turbine which can operate on the produced steam. The turbine will cover 60% of the factories total demand for electricity. This will optimize the cost of procuring electricity from external suppliers and will lead to overall reduction of production costs. The unique pneumatic equipment for cereals and oilseeds TRANS OIL group of companies third project in 2018, which will be completed by the beginning of the new season, is unique not only for Moldova, but also for the entire Black Sea region. Currently, TRANS OIL enjoys capacity in the International Free Port of Giurgiulesti to store of 70,000 tons of grain. Out of 70,000 tons, 50,000 tons are located at the banks of the Prut river and 20,000 tons at the banks of the Danube. The new pneumatic grain feeding line 515 meters long with a capacity of 250 tons per hour will unite both of the terminals of the TRANS OIL group at the Giurgiulesti port. The loading of cereals and oil crops on the ships is provided by two terminals located at the Prut river and the Danube river. Loading capacities of the terminal at the Prut river allow loading of 200-300 tons of grain per hour, and the terminal at the Danube river up to 800 tons per hour. Project financing (worth $1.2 Million) was covered by TRANS OIL group’s internal funds. The equipment was supplied by "Stal'prom" (Dnepropetrovsk, Ukraine) who were responsible for the laying of the pipeline. "Technology pneumatic-Export" company (Taganrog, Russia) delivered up-to-date pneumatic technology used at the international ports. As a result of this project, the TRANS OIL group terminals in Giurgiulesti port will be able to transfer more than 1 600,000 metric tons per year. Mihail Redkin, managing director of Trans Cargo Terminal: "With the launch of the new pneumatic line, we can simultaneously load ships to both the Prut and the Danube rivers from any of our storage facilities. This makes our work more flexible, faster and increases the overall output of our port capacity. Vaja Jhashi, the President of the TRANS OIL group: "I will not deny that we took a certain risk with the new pneumatic line. No one in the region has implemented such projects yet. Therefore, the project has received a lot of attention from both partners and competitors in the region. This success influences not only the quality and efficiency of our work, but also the reputation of Moldova in general and the TRANS OIL group in particular. I think our team coped well with the target and pressure. We also plan to increase storage capacity at the Danube’s terminal up to 30,000 metric tons in the new season and total storage capacity will be 80, 000 metric tons." Page 1 of 3 1 2 3 NEXT END © 2021 Trans-Oil Group of Companies