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News Jan 11, 2016

Shearman & Sterling Advises Banks on the issue of ORNANE by Ausy

Shearman & Sterling advised Crédit Agricole Corporate and Investment Bank as global coordinator, joint lead manager and joint bookrunner and Octo Finances as joint lead manager and joint bookrunner on the issue by Ausy of net share settled bonds convertible into new shares and/or exchangeable for existing shares (ORNANE) by private placement, of a nominal amount of 29,999,993.73 euros, represented by 552,181 bonds.

The net proceeds of the bond issuance will enable the company to address its general financing needs, finance future development and acquisition projects, and diversify its sources of financing.

The bonds will bear interest at an annual nominal rate of 3.25%, payable semi-annually in arrears on January 1st  and July 1st of each year (or if such date is not a working day, the following working day), and for the first time on January 1, 2016 (the first coupon will be calculated pro rata temporis).

The nominal value per bond has been set at 54.33 euros, representing a premium of 18% over the Ausy’s reference share price on the regulated market of Euronext Paris.

The bonds were issued at par on  December 14, 2015, the date for the settlement-delivery of the bonds, and will be redeemed at par on  January 1, 2021 (or the following working day if this date is not a working day).

The listing on the Open Market (Marché Libre) of Euronext Paris took place on December 14, 2015.

Shearman & Sterling’s team was led by partners Hervé Letréguilly (Paris-Capital Markets), Sami Toutounji (Paris-Capital Markets) and comprised counsel Séverine de La Courtie (Paris-Capital Markets), Anne-Sophie Maes (Paris-Capital Markets) and associate Amandine Souin (Paris-Capital Markets).