By Paul A. Harris
Portland, Ore., Sept. 21 – Paris-based mining and metallurgy firm Eramet Co. priced an upsized €500 million issue of non-rated 4.196% senior notes due Feb. 28, 2024 at 99.999 to yield 4.2%, according to a market source.
The size of the issue was increased from €300 million.
The yield came inside of the 4 3/8% to 4½% initial guidance, the source said, adding that the deal was playing to $1.1 billion of demand at that guidance.
BNP Paribas, Credit Agricole CIB, Deutsche Bank, Natixis and SG CIB are the bookrunners. Credit Agricole will bill and deliver.
Proceeds will be used for general corporate purposes, which may include debt refinancing.
| Issuer: | Eramet Co.
|
| Amount: | €500 million, increased from €300 million
|
| Maturity: | Feb. 28, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas, Credit Agricole CIB (bill and deliver), Deutsche Bank, Natixis, SG CIB
|
| Coupon: | 4.196%
|
| Price: | 99.999
|
| Yield: | 4.2%
|
| Spread: | 376 bps over mid-swaps
|
| Call: | Make-whole call at Oats plus 50 bps until three months before maturity, then at par
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 28
|
| Ratings: | Non-rated
|
| Distribution: | Regulation S
|
| Initial price talk: | 4 3/8% to 4½%
|
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