Valeo

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Bond Investors

The Group aims to maintain broad access to liquidity to meet its commitments and investment needs. The quality of debt management is recognized by the rating agencies Standard & Poor’s and Moody’s.

DEBT MATURITY PROFILE

At June 30, 2017, the average maturity of Valeo’s debt was 5.7 years:

 TYPE FINAL TERMS AT  MATURITY OUTSTANDING AMOUNT  NOMINAL INTEREST RATE BASE PROSPECTUS AND SUPPLEMENTS
EMTN 05/10/2011 May 2018 EUR 273m 4.875% 2011 & no. 1
EIB loans NA November 2018  (2 subscriptions) USD 51.5m 6M USD Libor +1.90%  NA
Convertible bond 06/16/2016 June 2021 USD 575m 0%  NA
EMTN 09/08/2017 September 2022 EUR 600m 0.375% 2017 & no. 1
EMTN 01/09/2017 January 2023 EUR 500m 0.625% 2016 & no. 1, no. 2no. 3no. 4no. 5
EMTN 01/15/2014 January 2024 EUR 700m 3.25% 2013no. 1
EMTN 03/16/2016 March 2026 EUR 600m 1.625% 2015no. 1

Current EMTN Program (bonds):

DETAIL OF SHORT-TERM FINANCING

BANK CREDIT LINES

Valeo has access to liquidity through confirmed bank credit lines with a weighted average maturity of 3 years, representing an aggregate amount of 1.2 billion euros.

COMMERCIAL PAPER 

Valeo has access to liquidity through a short-term commercial paper financing program for a maximum amount of 1.4 billion euros.

 

RATING AND COVERAGE

Valeo is rated “Investment Grade” by rating agencies Moody’s and Standard & Poor’s.

STANDARD & POOR’S

On January 31, 2017, Standard & Poor’s confirmed its “BBB/A-2” long-term and short-term corporate credit ratings for Valeo with a positive outlook.

MOODY’S

On April 5, 2017, Moody’s confirmed its “Baa2/P-2” long-term and short-term corporate credit ratings for Valeo with a stable outlook.

Valeo is an automotive supplier and partner to automakers worldwide. As a technology company, we design innovative solutions for smart mobility, with a particular focus on intuitive driving and reducing CO2 emissions.

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