By Paul A. Harris
Portland, Ore., May 11 – Eramet SA priced a €500 million issue of five-year sustainability-linked senior bullet notes (Ba2//BB+) at 99.489 to yield 7 1/8% on Thursday, according to a market source.
The deal, which was announced earlier Thursday at a size of €400 million minimum, was talked in the 7¼% area, at which point it was heard to be playing to €850 million of demand.
ABN Amro, Credit Agricole CIB, Citigroup, HSBC, Natixis and SG were the leads.
Proceeds will be used to fund the tender offer for the €429.7 million of Eramet’s 4.196% senior notes due February 2024 which remain outstanding and for general corporate purposes.
The issuer is a mining and metallurgy company based in Paris.
| Issuer: | Eramet SA
|
| Amount: | €500 million
|
| Issue: | Sustainability-linked senior notes
|
| Maturity: | May 22, 2028
|
| Leads: | ABN Amro, Credit Agricole CIB, Citigroup, HSBC, Natixis and SG
|
| Coupon: | 7%
|
| Price: | 99.489
|
| Yield: | 7 1/8%
|
| Call protection: | Bullet
|
| Trade date: | May 11
|
| Settlement date: | May 22
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 7¼% area
|
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