Eramet: SLN’s debt conversion to strengthen Eramet Group's balance sheet
04 Mars 2024 - 6:01PM
Eramet: SLN’s debt conversion to strengthen Eramet Group's balance
sheet
Paris, 4 March 2024, 6:00 p.m.
PRESS RELEASE
Conversion of SLN’s debt to strengthen Eramet's balance
sheet
Following discussions over the last weeks, the
French State and Eramet have reached an agreement regarding the
treatment of SLN's existing debt. This agreement will neutralize
SLN's debt impact on the Group's consolidated accounts. It includes
the following provisions:
- The French State and Eramet have
jointly decided to convert their existing loans to SLN into a
quasi-equity instrument;
- The French State’s existing €320m
loans to SLN, currently consolidated as debt in the Group's
accounts, will thus be converted into quasi-equity, comparable in
accounting terms to equity in Eramet's consolidated accounts;
- Eramet will similarly convert the
existing intra-group debt of €325m using the same framework. This
conversion has no impact on the Group's consolidated accounts but
ensures a pari passu treatment of the French State’s and Eramet’s
debts.
Additionally, Eramet reiterates its decision to
not provide any new financing to SLN in order to preserve the
Group's balance sheet. However, alongside potential financial
support from the French State and New Caledonian authorities under
the Nickel Pact to ensure SLN's continuity as a going concern,
Eramet will continue to provide operational support to SLN over
time.
In line with this agreement, the Group’s two
major shareholders have confirmed their support for Eramet’s
development strategy, aiming for profitable growth particularly in
the field of energy transition metals and to contribute to securing
their supply for French and European value chains.
Calendar
25.04.2024: Publication of 2024 first-quarter turnover
30.05.2024: Shareholders’ General Meeting
25.07.2024: Publication of 2024 half-year results
ABOUT ERAMET
Eramet transforms the Earth’s mineral resources
to provide sustainable and responsible solutions to the growth of
the industry and to the challenges of the energy transition.
Its employees are committed to this through
their civic and contributory approach in all the countries where
the mining and metallurgical group is present.
Manganese, nickel, mineral sands, lithium, and
cobalt: Eramet recovers and develops metals that are essential to
the construction of a more sustainable world.
As a privileged partner of its industrial
clients, the Group contributes to making robust and resistant
infrastructures and constructions, more efficient means of
mobility, safer health tools and more efficient telecommunications
devices.
Fully committed to the era of metals, Eramet’s
ambition is to become a reference for the responsible
transformation of the Earth’s mineral resources for living well
together.
www.eramet.com
INVESTOR
CONTACTDirector of Investor
RelationsSandrine Nourry-DabiT. +33 1 45
38 37 02 sandrine.nourrydabi@eramet.com PRESS
CONTACTMedia relations
managerFanny
Mounierfanny.mounier@eramet.comT. +33 7 65 26 46
83 |
|
- 2024 03 04 - Eramet - Agreeement with the French State -
PR
Eramet (EU:ERA)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Eramet (EU:ERA)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024