Obbligazione Eramet Group 4.5% ( FR0011615699 ) in EUR

Eramet Group

100 EUR ▼

Francia

FR0011615699 ( in EUR )

4.5% per anno ( pagato 1 volta l'anno)

05/11/2020 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Eramet FR0011615699 in EUR 4.5%, scaduta

100 000 EUR

460 100 000 EUR

Eramet è un gruppo minerario e metallurgico francese specializzato nell'estrazione e nella trasformazione di minerali, principalmente manganese, nichel e alluminio.

The Obbligazione issued by Eramet Group ( France ) , in EUR, with the ISIN code FR0011615699, pays a coupon of 4.5% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 05/11/2020

Prospectus dated 12 May 2014

125,000,000 4.50 per cent. Bonds due 6 November 2020
to be assimilated (assimilées) and form a single series with the existing
400,000,000 4.50 per cent. Bonds due 6 November 2020

Issue Price: 103.889 per cent. of the aggregate principal amount of the Bonds plus an amount corresponding to
accrued interest amounting to 2.330136984 per cent. of the aggregate principal amount of the Bonds for the
period from, and including, 6 November 2013 to, but excluding, 14 May 2014

The 125,000,000 4.50 per cent. bonds of ERAMET (the "Issuer") maturing on 6 November 2020 (the "Bonds") will
be issued on 14 May 2014 (the "Issue Date") and will be assimilated (assimilées) and form a single series with the
existing 400,000,000 4.50 per cent. Bonds due 6 November 2020 issued on 6 November 2013 (the "Existing Bonds")
as from the Issue Date.

Interest on the Bonds will accrue from, and including, 6 November 2013 at the rate of 4.50 per cent. per annum,
payable annually in arrears on 6 November in each year, and for the first time on 6 November 2014 for the period from,
and including, the Issue Date to, but excluding, 6 November 2014, as further described in "Terms and Conditions of the
Bonds Interest" of this prospectus (the "Prospectus").

Unless previously redeemed or purchased and cancelled, the Bonds will be redeemed at par on 6 November 2020 (the
"Maturity Date"). The Bonds may, and in certain circumstances shall, be redeemed before this date, in whole only but
not in part, at their principal amount, together with, any accrued interest, notably in the event that certain French taxes
are imposed (see "Terms and Conditions of the Bonds - Optional redemption for taxation reasons" and "Terms and
Conditions of the Bonds Compulsory redemption for tax reasons"). Bondholders (as defined in "Terms and
Conditions of the Bonds") will be entitled, in the event of a Change of Control of the Issuer, to request the Issuer to
redeem their Bonds at their principal amount together with any accrued interest, all as defined, and in accordance with
the provisions set out in "Terms and Conditions of the Bonds Redemption following a change of control". In addition,
the Issuer may redeem all, but not some only, of the Bonds at any time prior to the Maturity Date at their relevant Make-
whole Redemption Amount, all as defined, and in accordance with the provisions set out in "Terms and Conditions of
the Bonds Early redemption at the Make-whole Redemption Amount".

The Bonds will be issued in dematerialised bearer form in the denomination of 100,000 each. Title to the Bonds will
be evidenced by book entries in accordance with Articles L. 211-3 et seq. of the French Code monétaire et financier. No
physical document of title (including certificats représentatifs pursuant to Article R. 211-7 of the French Code
monétaire et financier) will be issued in respect of the Bonds.

The Bonds will, upon issue, be inscribed in the books of Euroclear France which shall credit the accounts of the
Account Holders. "Account Holder" shall mean any intermediary institution entitled to hold, directly or indirectly,
accounts on behalf of its customers with Euroclear France, Clearstream Banking, société anonyme and Euroclear Bank
S.A./N.V.

This Prospectus constitutes a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC of the European
Parliament and of the Council dated 4 November 2003 as amended (which includes the amendments made by Directive
2010/73/EU of the European Parliament and of the Council dated 24 November 2010) (the "Prospectus Directive").

Application has been made (i) for the approval of this Prospectus to the Autorité des marchés financiers (French
financial market authority) and (ii) to list and admit to trading the Bonds on Euronext Paris. Euronext Paris is a
regulated market within the meaning of the Directive 2004/39/EC of the European Parliament and of the Council dated
21 April 2004.

The Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"). In accordance with U.S. laws, and subject to certain exceptions, the Bonds may not be offered, sold or delivered
within the United States or to U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S")).

Neither the Bonds nor the long-term debt of the Issuer are rated. This Prospectus is available on the websites of the
AMF (www.amf-france.org) and of the Issuer (www.eramet.com). All documents incorporated by reference in this
Prospectus are available on the websites www.info-financiere.fr and of the Issuer (www.eramet.com).

See the "Risk Factors" section for a description of certain factors which should be considered by potential
investors in connection with any investment in the Bonds.

In accordance with Articles L. 412-1 and L. 621-8 of the French Code monétaire et financier and its General
Regulations (Règlement général), in particular Articles 211-1 to 216-1, the Autorité des marchés financiers ("AMF")
has granted to this Prospectus the visa n°14-188 on 12 May 2014 . This Prospectus has been prepared by the Issuer
and its signatories assume responsibility for it. In accordance with Article L. 621-8-1-I of the French Code monétaire
et financier, the visa has been granted following an examination by the AMF of "whether the document is complete
and comprehensible, and whether the information in it is coherent". It does not imply that the AMF has verified the
accounting and financial data set out in it and the appropriateness of the issue of the Bonds.
Joint Lead Managers

BNP Paribas
Natixis
Société Générale
Corporate & Investment Banking

3.

This Prospectus has been prepared for the purpose of giving information with respect to the Issuer and the
Issuer and its subsidiaries taken as a whole (the "Group") which is necessary to enable investors to make an
informed assessment of the assets and liabilities, financial position and profit and losses of the Issuer, as well as
the Bonds.

The Joint Lead Managers (as defined in "Subscription and Sale" below) have not separately verified the
information contained in this Prospectus. The Joint Lead Managers do not make any representation, express or
implied, or accept any responsibility, with respect to the accuracy or completeness of any of the information
contained or incorporated by reference in this Prospectus. Neither this Prospectus nor any other information
supplied in connection with the offering of the Bonds is intended to provide the basis of any credit or other
evaluation and should not be considered as a recommendation by, or on behalf of, any of the Issuer or the Joint
Lead Managers that any recipient of this Prospectus or any other financial statements should purchase the
Bonds.

No person is authorised to give any information or to make any representation related to the issue, offering or
sale of the Bonds not contained in this Prospectus. Any information or representation not so contained herein
must not be relied upon as having been authorised by, or on behalf of, the Issuer or the Joint Lead Managers.
The delivery of this Prospectus or any offering or sale of Bonds at any time does not imply (i) that there has
been no change with respect to the Issuer or the Group, since the date hereof and (ii) that the information
contained or incorporated by reference in it is correct as at any time subsequent to its date.

The Prospectus and any other information relating to the Issuer or the Bonds should not be considered as an
offer, an invitation, a recommendation by any of the Issuer or the Joint Lead Managers to subscribe or purchase
the Bonds. Each prospective investor of Bonds should determine for itself the relevance of the information
contained in this Prospectus and its purchase of Bonds should be based upon such investigation as it deems
necessary. None of the Joint Lead Managers undertakes to review the financial or general condition of the
Issuer during the life of the arrangements contemplated by this Prospectus nor to advise any investor or
prospective investor in the Bonds of any information coming to its attention. Investors should review, inter alia,
the documents incorporated by reference into this Prospectus when deciding whether or not to subscribe for or
to purchase the Bonds. Investors should in particular conduct their own analysis and evaluation of risks relating
to the Issuer, its business, its financial condition and the issued Bonds and consult their own financial or legal
advisers about risks associated with investment Bonds and the suitability of investing in the Bonds in light of
their particular circumstances. Potential investors should read carefully the section entitled "Risk Factors" set
out in this Prospectus before making a decision to invest in the Bonds.

The distribution of this Prospectus and the offering or the sale of the Bonds in certain jurisdictions may be
restricted by law or regulation. The Issuer and the Joint Lead Managers do not represent that this Prospectus
may be lawfully distributed, or that any Bonds may be lawfully offered or sold, in compliance with any
applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available
thereunder, or assume any obligation or responsibility for facilitating any such distribution, offering or sale. In
particular, no action has been or will be taken by the Issuer or any of the Joint Lead Managers which is intended
to permit a public offering of any Bonds or distribution of this Prospectus in any jurisdiction where action for
that purpose is required. Accordingly, no Bond may be offered or sold, directly or indirectly, and neither this
Prospectus nor any offering material may be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with any applicable laws and regulations. Persons into whose
possession this Prospectus comes are required by the Issuer and the Joint Lead Managers to inform themselves
about and to observe any such restrictions. For a further description of certain restrictions on offers and sales of
Bonds and distribution of this Prospectus and of any other offering material relating to the Bonds, see
"Subscription and Sale" below.

This Prospectus has not been and will not be submitted for approval to any authority other than the Autorité des
marchés financiers (French financial market authority) in France.

This Prospectus is being distributed to, and is only directed at, persons in the United Kingdom who are
"qualified investors" as defined in section 86(7) of the Financial Services and Markets Act 2000, as amended
(the "FSMA") or otherwise in circumstances which do not require the publication by the Issuer of a prospectus
pursuant to section 85(1) of the FSMA.

4.

In the United Kingdom, this Prospectus is only being distributed to, and is only directed at, and any investment
or investment activity to which this Prospectus relates is available only to, and will be engaged in only with,
persons (i) having professional experience in matters relating to investments who fall within the definition of
"investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order"); or (ii) who are high net worth entities falling within Article 49(2)(a) to
(d) of the Order, or other persons to whom it may otherwise be lawfully communicated (all such persons
together being referred to as "Relevant Persons"). Persons who are not Relevant Persons should not take any
action on the basis of this Prospectus and should not act or rely on it.

In connection with the issue of the Bonds, Société Générale (the "Stabilising Manager") (or persons acting on
behalf of the Stabilising Manager) may over-allot Bonds or effect transactions with a view to supporting the
market price of the Bonds at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager (or persons acting on behalf of the Stabilising Manager) will undertake
stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure
of the final terms of the offer of the Bonds is made and, if begun, may be ended at any time, but it must end no
later than the earlier of 30 days after the Issue Date of the Bonds and 60 days after the date of the allotment of
the Bonds. Such stabilisation will be carried out in accordance with all applicable rules and regulations.

In this Prospectus, references to "", "EURO", "EUR" or to "Euro" are to the lawful currency of the member
states of the European Union that adopt the single currency in accordance with the Treaty establishing the
European Community (signed in Rome on 25 March 1957), as amended by the Treaty on European Union
(signed in Maastricht on 7 February 1992) and as amended by the Treaty of Amsterdam (signed in Amsterdam
on 2 October 1997).

This Prospectus includes forward-looking statements. All statements other than statements of historical facts
included in this Prospectus, including, without limitation, those regarding the Issuer's financial position,
business strategy, plans and objectives of management for future operations, are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Issuer, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding the Issuer's present and future
business strategies and the environment in which the Issuer will operate in the future. The Issuer expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statement contained herein to reflect any change in the Issuer's expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement is based.

5.

Notice Relating to the United States

The Bonds have not been and will not be registered under the Securities Act, or with any securities regulatory
authority of any state or other jurisdiction in the United States, and may not be offered, sold, pledged or
otherwise transferred within the United States or to, or for the account or benefit of, U.S. persons. Terms used in
this paragraph have the meanings given to them by Regulation S under the Securities Act.

Accordingly, the offer is not being made in the United States and this document does not constitute an offer, or
an invitation to apply for, or an offer or invitation to purchase or subscribe for any Bonds in the United States.
The Bonds offered hereby are being offered only outside the United States in "offshore transactions" to non-U.S.
persons in compliance with Regulation S under the Securities Act.

Any person who subscribes for or acquires Bonds will be deemed to have represented, warranted and agreed, by
accepting delivery of this Prospectus, that it is subscribing for or acquiring the Bonds in compliance with Rule
903 of Regulation S in an "offshore transaction" as defined in Regulation S, or pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act.

In addition, until 40 days after the commencement of the offering, an offer or sale of Bonds within the United
States by a dealer (whether or not it is participating in the offering) may violate the registration requirements of
the Securities Act if such offer or sale is made otherwise than pursuant to the foregoing.

6.

TABLE OF CONTENTS

PERSON RESPONSIBLE FOR THE INFORMATION CONTAINED IN THE PROSPECTUS 7
DOCUMENTS INCORPORATED BY REFERENCE ...................................................................... 8
RISK FACTORS .................................................................................................................................. 18
TERMS AND CONDITIONS OF THE BONDS ............................................................................... 46
USE OF PROCEEDS ........................................................................................................................... 63
DESCRIPTION OF THE ISSUER ..................................................................................................... 64
RECENT DEVELOPMENTS ............................................................................................................. 65
TAXATION .......................................................................................................................................... 74
SUBSCRIPTION AND SALE ............................................................................................................. 78
GENERAL INFORMATION ............................................................................................................. 80

7.

PERSON RESPONSIBLE
FOR THE INFORMATION CONTAINED IN THE PROSPECTUS

Person assuming responsibility for this Prospectus

Paris, 12 May 2014

After having taken all reasonable measures in this regard, we hereby certify that the
information contained in this Prospectus is, to the best of our knowledge, in accordance with
the facts and contains no omission likely to affect its import.

The statutory auditors' report on the consolidated financial information as at 31 December
2013 included on page 260 of the 2013 Registration Document (as defined below in section
"Documents Incorporated by Reference") contains one observation.

ERAMET
Tour du Maine - Montparnasse
33, avenue du Maine
75015 Paris
France

Duly represented by:
Jean-Didier Dujardin
Chief Financial Officer (Directeur Financier)

_____________________
Mr. Jean-Didier Dujardin
Duly authorized

8.

DOCUMENTS INCORPORATED
BY REFERENCE

This Prospectus shall be read and construed in conjunction with the following documents
which have been filed with the AMF and which are incorporated in, and shall be deemed to
form part of, this Prospectus:

(a)
the sections referred to in the table below included in the French language 2012
registration document (document de référence 2012) of the Issuer (the "2012
Registration Document") which was filed with the AMF on 27 March 2013 under the
registration no. D.13-0222; and

(b)
the sections referred to in the table below included in the French language 2013
registration document (document de référence 2013) of the Issuer (the "2013
Registration Document") which was filed with the AMF on 26 March 2014 under the
registration no. D.14-0205.

Copies of the documents incorporated by reference are available without charge (i) on the
website of the Issuer (www.eramet.com) and (ii) upon request at the principal office of the
Issuer or of BNP Paribas Securities Services (the "Paying Agent") during normal business
hours so long as any of the Bonds is outstanding, as described in "General Information"
below. Copies of the 2012 Registration Document and the 2013 Registration Document are
also available on the website of the AMF (www.amf-france.org) and on the website
www.info-financiere.fr.

The information incorporated by reference in this Prospectus shall be read in connection with
the cross-reference list below.

2012 Registration
2013 Registration
Prospectus Regulation Annex
Rule
Document
Document
IX
(page number)
(page number)
1.
PERSONS RESPONSIBLE

1.1.
All persons responsible for the
information given in the
registration document and, as the
case may be, for certain parts of it,
with, in the latter case, an
indication of such parts. In the
Not applicable
Not applicable
case of natural persons including
members of the issuer's
administrative, management or
supervisory bodies indicate the
name and function of the person;
in case of legal persons indicate

9.

2012 Registration
2013 Registration
Prospectus Regulation Annex
Rule
Document
Document
IX
(page number)
(page number)
the name and registered office.
1.2.
A declaration by those responsible
for the registration document that,
having taken all reasonable care to
ensure that such is the case, the
information contained in the
registration document is, to the
best of their knowledge, in
accordance with the facts and
contains no omission likely to
affect its import. As the case may
be, declaration by those
Not applicable
Not applicable
responsible for certain parts of the
registration document that, having
taken all reasonable care to ensure
that such is the case, the
information contained in the part
of the registration document for
which they are responsible is, to
the best of their knowledge, in
accordance with the facts and
contains no omission likely to
affect its import.
2.
STATUTORY AUDITORS

2.1.
Names and addresses of the
issuer's auditors for the period
covered by the historical financial
Not applicable
Not applicable
information (together with their
membership in a professional
body).
2.2.
If auditors have resigned, been
removed or not been re-appointed
during the period covered by the
Not applicable
Not applicable
historical financial information,
details if material.
3.
RISK FACTORS

3.1.
Prominent disclosure of risk
67-78
Not applicable

10.

2012 Registration
2013 Registration
Prospectus Regulation Annex
Rule
Document
Document
IX
(page number)
(page number)
factors that may affect the issuer's
ability to fulfil its obligations
under the securities to investors in
a section headed "Risk Factors".
4.
INFORMATION ABOUT THE

ISSUER
4.1.
History and development of the

Issuer
the legal and commercial name of
4.1.1.
287 304
the issuer;
the place of registration of the
4.1.2.
287 304
issuer and its registration number;
the date of incorporation and the
4.1.3.
length of life of the issuer, except
287 304
where indefinite;
4.1.4.
the domicile and legal form of the
issuer, the legislation under which
the issuer operates, its country of
incorporation, and the address and
287 304
telephone number of its registered
office (or principal place of
business if different from its
registered office);
4.1.5.
any recent events particular to the
issuer and which are to a material
12 11
extent relevant to the evaluation of
the issuer's solvency.
5.
BUSINESS OVERVIEW

5.1. Principal
activities

5.1.1.
A brief description of the issuer's
principal activities stating the
6 6
main categories of products sold
and/or services performed.
5.1.2.
The basis for any statements in the
registration document made by the
16-48
16-48
issuer regarding its competitive