Davis Polk advised Eramet in connection with the issue of approximately €100 million of Net Share Settled Undated Senior Unsecured Bonds Convertible into New Shares (“ODIRNAN”), supported by its two main shareholders, SORAME-CEIR and the French State via FSI-Equation. The issue of the bonds is aimed at strengthening Eramet’s balance sheet thanks to the equity accounting treatment of the bonds. The nominal value of the bonds, which have been issued at par, represents a conversion premium of 30% over Eramet's reference share price. The bonds were admitted to the regulated market of Euronext in Paris on October 5, 2016.

Davis Polk has previously advised Eramet in connection with its four bonds issuances, in particular in connection with its initial bond offering in November 2013.

Eramet is a world leader in alloying metals, particularly manganese and nickel, and in high-quality metallurgy, employing more than 14,000 people in 20 countries. Eramet shares are listed on Euronext Paris (compartment B).

The Davis Polk team included partner Christophe Perchet, counsel Juliette Loget and associate Stéphane Daniel. All members of the Davis Polk team are based in the Paris office.