Valeo announces the successful outcome of its 700 million euro bond issue with maturity in 2024 and of the offer to repurchase 581 million euros' worth of notes with maturity in 2017 and 2018
Paris, January 15, 2014 - Valeo announced the successful placement of 700 million euros' worth of new bonds with maturity in 2024 and the final result of BNP Paribas'offer to repurchase notes with maturity in 2017 and 2018 for a principal amount of 581 million euros.
This bond issue enabled the placement in favorable conditions of 700 million euros' worth of bonds with 10-year maturity and a coupon of 3.25%. (These are the longest tenor and the lowest coupon ever achieved by Valeo). BNP Paribas, Citi, Mizuho, Natixis and Société Générale were joint bookrunners on this transaction.
The Existing Notes purchased by BNP Paribas pursuant to the tender offer will be transferred by BNP Paribas to Valeo on January 22, 2014 and upon such transfer of Existing Notes, such Existing Notes will be immediately cancelled by Valeo.
This transaction will enable Valeo to lengthen and smooth its debt maturity profile.
Valeo was advised for this transaction by Ondra Partners, a financial advisory firm.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry, mainly for CO2 emissions reduction. Valeo ranks among the world's top automotive suppliers. The Group has 124 plants, 20 research centers, 36 development centers, 12 distribution platforms and employs 75,300 people in 29 countries worldwide.
In 2012, Valeo generated revenue of €11.8 billion and invested €1 billion in research and development.
For more information about the Valeo Group and its businesses, please visit www.valeo.com.
For more information, please contact:
Media Relations
Phone: +33 (0)1 40 55 21 75 / 37 18
press-contact.mailbox@valeo.com
[1] Bonds issued as Series N°3 under its Euro Medium Term Notes (EMTN) program for a principal amount of 500 million euros with an interest rate of 5.75% and a maturity date of January 19, 2017 (ISIN FR0011182112).
[2] Bonds issued as Series N°2 under its Euro Medium Term Notes (EMTN) program for a principal amount of 500 million euros with an interest rate of 4.875% and a maturity date of May 11, 2018 (ISIN FR0011043124).
