DEBT MATURITY PROFILE
At June 30, 2017, the average maturity of Valeo’s debt was 5.7 years:
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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.
| 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, no. 2 |
| 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 | 03/16/2016 | March 2026 | EUR 600m | 1.625% | 2015 & no. 1 |
Current EMTN Program (bonds):
- Base prospectus dated as of 5 July 2017
- Prospectus Supplement no. 1 dated 4 September 2017 to the Base Prospectus dated 5 July 2017
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 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 29, 2018, Standard & Poor’s confirmed its “BBB/A-2” long-term and short-term corporate credit ratings for Valeo and revised the outlook from positive to stable.
MOODY’S
On January 3, 2018, Moody’s confirmed its “Baa2/P-2” long-term and short-term corporate credit ratings for Valeo with a stable outlook.
