受Partners Group支持的Rovensa的债权人正寻求出售这家伊比利亚农产品制造商的债务，因为该公司正在快速消耗现金。
Lenders to Partners Group-backed Rovensa are looking to offload the debt of the Iberian agricultural products maker as the firm burns through cash.
据知情人士透露，本周一笔4000万欧元的循环信贷额度以及约2000万欧元（约合2200万美元）的定期贷款曾以低于面值的价格挂牌出售，但最终未能成交。这些人士因事涉私密而要求匿名。
This week, a €40 million piece of the revolving credit facility and around €20 million ($22 million) of term loans were up for sale at a discount to face value, but eventually failed to trade, according to people familiar with the matter, speaking on the condition of anonymity.
知情人士补充称，该债务受到一份严格的授权债权人名单限制，旨在防止投机性买家入场。
The debt is subject to a strict list of authorized lenders, in an effort to prevent opportunistic buyers from buying in, the people familiar added.
此次出售正值欧洲高收益债券市场处于艰难时期。日益加剧的分化使投资者更加挑剔，这可能导致较弱或更复杂债务的卖方难以找到退出渠道。
The sale comes at a difficult time for Europe’s high yield market. Growing dispersion has made investors more selective, potentially leaving sellers of weaker or more complex debt struggling to find an exit.
在去年与债权人达成修改并延期协议后，Rovensa不面临任何迫在眉睫的债务到期压力。根据彭博汇编的数据，其超过10亿欧元的定期贷款将于2030年到期，其1.85亿欧元的循环信贷额度亦同。
Rovensa doesn’t face any imminent debt maturities, after it struck an amend and extend agreement with its creditors last year. Its over €1 billion of term loans come due in 2030, as well as its €185 million revolving credit facility, according to data compiled by Bloomberg.
在穆迪评级、惠誉评级和标准普尔全球评级均将Rovensa的信用评级列入下调观察名单后，抛售尝试有所增加。这使其债务面临跌入CCC级别的风险，该级别专门针对最弱的垃圾级信用，并为许多资金管理者所避而远之。
The pick-up in selling attempts comes after Moody’s Ratings, Fitch Ratings and S&P Global Ratings all placed Rovensa’s credit score on review for a potential downgrade. That puts its debt at risk of falling into CCC territory, reserved for the weakest of junk credits and avoided by many money managers.
对该公司的担忧源于现金消耗以及较高的净债务与盈利比率。根据三家评级机构的报告，截至2026年6月30日的财政年度，Rovensa录得3800万欧元的负自由现金流。这是该公司连续第二年出现现金流赤字，此前的十二个月期间也出现了规模较小的缺口。
Concerns over the company stem from cash burn and a high ratio of net debt to earnings. Rovensa posted negative free cash flow of €38 million for the fiscal year ended on June 30, 2026, according to reports from the three ratings firms. This is the second consecutive year of cash flow deficit, following a smaller shortfall in the previous twelve-month period.
Rovensa和Partners Group的发言人未立即回应置评请求。
A spokespeople for Rovensa and Partners Group didn’t immediately respond to requests for comment.
据报道，该集团2025-2026财年息税折旧摊销前利润（EBITDA）下降15%至1.44亿欧元。标普分析师写道，Rovensa受到行业低迷的冲击——尤其是其巴西和墨西哥等关键市场。
Earnings before interest, taxes, depreciation and amortization for the group fell by 15% to €144 million for the fiscal year 2025-2026, according to the reports. Rovensa has been hurt by a downturn in the industry — particularly in its key markets of Brazil and Mexico, wrote analysts at S&P.
在巴西，谷物价格下跌打击了农业活动并限制了信贷可得性。在墨西哥，关税不确定性和农产品行业的艰难状况抑制了业务增长。
In Brazil, lower grain prices hurt farming activity and restricted credit availability. In Mexico, tariff uncertainty and difficult conditions in the produce industry stifled business growth.
与此同时，在财年最后几个月，欧洲的高温和强降雨也减少了Rovensa产品在该地区的施用量，并下调了夏季作物的产量预测。
At the same time, in the last months of the fiscal year, high temperatures and heavy rainfall in Europe also reduced application volumes for Rovensa products in the region, and pushed down the yield forecast for the summer crop.
这家评级机构写道，这些动态因素——竞争、需求疲软、地缘政治不确定性和极端天气事件——预计将继续影响Rovensa本财年的业绩。
These dynamics — competition, tepid demand, geopolitical uncertainty and extreme weather events — are expected to keep affecting Rovensa’s results for the current fiscal year, the ratings firm wrote.
穆迪分析师写道，尽管公司管理层已启动计划应对这些问题，包括库存常态化和针对关键客户的专项目标，但其影响程度仍取决于执行风险。
While the company’s management has kicked off plans to address the issues, including inventory normalization and dedicated targets for key accounts, the extent of their impact remains subject to execution risks, Moody’s analysts wrote.
Partners Group于2020年收购了Rovensa的控股股份。据其网站介绍，该公司专注于作物保护产品，包括杀菌剂、杀虫剂和除草剂，以及生物刺激素和生物肥料。公司在全球雇佣超过2500名员工，产品销往90多个国家。
Partners Group acquired a controlling stake in Rovensa in 2020. The firm specializes in crop protection products including fungicides, insecticides and herbicides, as well as biostimulants and biofertilizers. It employs more than 2,500 people around the world and sells its products in over 90 countries, according to its website.