Eramet launches €500 million sustainability-linked five-year bonds to yield 7 1/8%; books closed

By Paul A. Harris

Portland, Ore., May 11 – Eramet SA launched a €500 million offering of five-year sustainability-linked senior bullet notes (Ba2//BB+) at 7 1/8% on Thursday, following which order books were closed, according to market sources.

The Regulation S deal, which was announced earlier Thursday at a size of €400 million minimum, launched in the middle of final talk in the 7 1/8% area. Initial talk was in the 7¼% area.

The deal was heard to be playing to €850 million of demand, a source said.

Final terms are expected on Thursday, with allocations to follow.

ABN Amro, Credit Agricole CIB, Citigroup, HSBC, Natixis and SG are 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 prospective issuer is a mining and metallurgy company based in Paris.

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