Olympique Lyonnais Groupe announced the launch of an offering, with shareholders’ preferential subscription rights, of subordinated mandatory convertible bonds into new and/or existing shares (OSRANE) for a total nominal amount of €80,250,200, for which subscription is fully underwritten by Pathé and ICMI, its two reference shareholders.

The OSRANE will be redeemed on July 1st, 2023. The subscription period has begun since August 1, 2013 and will run to the close of trading on August 14, 2013. The listing of the OSRANE on Euronext Paris is expected on August 27, 2013.

The funds raised during the bond offering will be allocated to finance Lyon’s new stadium as well as to the refinancing of expenses incurred within this project, among which €9.8 million will be used for the repayment of shareholders’ loans granted to the company by Pathé and ICMI in view of the pre-financing of part of land acquisitions.

Shearman & Sterling is acting as counsel to the banks composed of Société Générale Corporate & Investment Banking, acting as Lead Manager and Bookrunner, and CM-CIC Securities and Crédit Agricole Corporate and Investment Bank, acting as Co-Lead Managers.

Shearman & Sterling’s team is led by partners Hervé Letréguilly and Sami Toutounji, assisted by senior associate Séverine de La Courtie.