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.

TYPE	FINAL TERMS AT	MATURITY	OUTSTANDING AMOUNT	NOMINAL INTEREST RATE	BASE PROSPECTUS AND SUPPLEMENTS
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. 2 no. 3, no. 4, no. 5
EMTN	01/15/2014	January 2024	EUR 700m	3.25%	2013 & no. 1
EMTN	06/18/2018	June 2025	EUR 600m	1.5%	2017 & no. 1, no. 2
EMTN	03/16/2016	March 2026	EUR 600m	1.625%	2015 & no. 1

Current EMTN Program (bonds):

Base prospectus dated as of 15 April 2019

DETAIL OF SHORT-TERM FINANCING

BANK CREDIT LINES

Valeo has access to liquidity through confirmed bank credit lines with a weighted average maturity of 4.3 years as of December 31, 2017, representing an aggregate amount of 1.1 billion euros.

COMMERCIAL PAPER

Valeo has access to liquidity through a short-term commercial paper financing program for a maximum amount of 2 billion euros.

Financial documentation dated as of May 24, 2019 (in French only)

RATING AND COVERAGE

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

STANDARD & POOR’S

On February 26, 2019, Standard & Poor’s confirmed its “BBB/A-2” long-term and short-term corporate credit ratings for Valeo and revised its outlook to negative from stable.

Bond Investors

DEBT MATURITY PROFILE

DETAIL OF SHORT-TERM FINANCING

BANK CREDIT LINES

COMMERCIAL PAPER

RATING AND COVERAGE

STANDARD & POOR’S

S&P press release February 26, 2019

Standard & Poor's website

MOODY’S

Moody's press release on March 22, 2019

Credit opinion on March 26, 2019

Moody's website

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