Investors & Shareholders
Paris, June 9, 2016 – Valeo (« Valeo ») announces today the launch of an offering of non-dilutive cash-settled convertible bonds due 2021 (the “Bonds”) with a nominal amount of USD 450 million. As conversion rights in respect of the Bonds will only be cash-settled, the instrument will not result in the issuance of new shares or the delivery of existing shares of Valeo upon conversion. Concurrently, Valeo will purchase cash-settled call options over its own shares to hedge its exposure to pay cash amounts upon any potential exercise of conversion rights embedded in the Bonds. This USD denominated debt will be immediately converted into euros.