Trans-Oil Group’s bonds fell after the Moldova-based agricultural commodity firm told bondholders it would delay its audited full-year results. The grain exporter said it was aiming to publish the statements for the financial year ended June 30 by Nov. 27 at the latest in a notice dated Tuesday. The additional time is needed to “finalize the audit procedures,” Trans-Oil said in the statement seen by Bloomberg News.
A $450 million bond maturing November 2029 slumped as much as 7.4 cents on the dollar to 58, according to price data compiled by Bloomberg, set for the largest daily drop since June. Trans-Oil told bondholders it will publish operating results for the first quarter on Oct. 30, adding that estimates were encouraging given regional supply concerns.
“Logistics remain challenging, but the market backdrop supports recovery,” according to the company. The company said in July it was planning to refinance and upsize its borrowing base facility this month, receiving more than $245 million of commitments and extending the facility.
Trans-Oil, which is helmed by founding shareholder and chief executive Vaja Jhashi, specializes in oilseed crushing and grain handling across Central and Eastern European countries such as Moldova, Romania and Ukraine.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing