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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Summary of Borrowings |
(in millions of Euros) |  | December 31, 2017 |  |  | December 31, 2016 |
|  | Nominal Value in Currency |  |  | Nominal rate |  |  | Effective rate |  |  | Nominal Value in Euros |  |  | (Arrangement fees) |  |  | Accrued interests |  |  | Carrying value |  |  | Carrying value |
Secured ABL(A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ravenswood (due 2018) |  |  | — |  |  |  | Floating |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46 |
Muscle Shoals (due 2020) |  |  | — |  |  |  | Floating |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Pan US ABL (due 2022) |  | $ | 78 |  |  |  | Floating |  |  |  | 3.79 | % |  |  | 65 |  |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | — |
Secured Inventory Based Facility (due 2019) (B) |  |  | — |  |  |  | Floating |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Senior Secured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Constellium N.V. (D) (Issued March 2016, due 2021) |  | $ | 425 |  |  |  | 7.88 | % |  |  | 8.94 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 401 |
Muscle Shoals (C) |  | $ | 650 |  |  |  | 8.75 | % |  |  | 7.45 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 635 |
Senior Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Constellium N.V. (Issued May 2014, due 2024) |  | $ | 400 |  |  |  | 5.75 | % |  |  | 6.26 | % |  |  | 334 |  |  |  | (4 | ) |  |  | 2 |  |  |  | 332 |  |  |  | 377 |
Constellium N.V. (Issued May 2014, due 2021) |  | € | 300 |  |  |  | 4.63 | % |  |  | 5.16 | % |  |  | 300 |  |  |  | (4 | ) |  |  | 2 |  |  |  | 298 |  |  |  | 298 |
Constellium N.V. (D) (Issued December 2014, due 2023) |  | $ | 400 |  |  |  | 8.00 | % |  |  | 8.61 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 387 |
Constellium N.V. (D) (Issued December 2014, due 2023) |  | € | 240 |  |  |  | 7.00 | % |  |  | 7.54 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 244 |
Constellium N.V. (C) (Issued February 2017, due 2025) |  | $ | 650 |  |  |  | 6.63 | % |  |  | 7.13 | % |  |  | 542 |  |  |  | (13 | ) |  |  | 12 |  |  |  | 541 |  |  |  | — |
Constellium N.V. (D) (Issued November 2017, due 2026) |  | $ | 500 |  |  |  | 5.88 | % |  |  | 6.26 | % |  |  | 417 |  |  |  | (8 | ) |  |  | 4 |  |  |  | 413 |  |  |  | — |
Constellium N.V. (D) (Issued November 2017, due 2026) |  | € | 400 |  |  |  | 4.25 | % |  |  | 4.57 | % |  |  | 400 |  |  |  | (7 | ) |  |  | 2 |  |  |  | 395 |  |  |  | — |
Other loans (including Finance leases) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 82 |  |  |  | — |  |  |  | 1 |  |  |  | 83 |  |  |  | 80 |
Total Borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,140 |  |  |  | (36 | ) |  |  | 23 |  |  |  | 2,127 |  |  |  | 2,468 |
Of which non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,021 |  |  |  | 2,361 |
Of which current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106 |  |  |  | 107 |
Constellium N.V. Senior Notes are guaranteed by certain subsidiaries.
(A) | On June 21, 2017, Ravenswood and Muscle Shoals terminated their existing respective secured asset-based variable rate revolving credit facilities. The two entities entered into a pan US ABL consisting of a $300 million initial credit facility due 2022 and a $200 million committed accordion, at the company’s option, under certain conditions.
(B) | On April 21, 2017, two French entities entered into a new secured Revolving Credit Facility on inventory for €100 million due 2019.
(C) | On February 16, 2017, Constellium N.V. issued a $650 million principal amount of 6.625% Senior Notes due 2025. Deferred arrangement fees amounted to €14 million on the issuance date. The net proceeds of Constellium N.V. Senior Notes were used to repurchase the Muscle Shoals Senior Secured Notes due 2018.
(D) | On November 9, 2017, Constellium N.V. issued a $500 million principal amount of 5.875% Senior Notes due 2026 and €400 million principal amount of 4.25% Senior Notes due 2026. Deferred arrangement fees amounted to €15 million on the issuance date. The net proceeds of the Constellium N.V. Senior Notes were used to repurchase the Constellium N.V. Senior Secured Notes issued in March 2016, due 2021 and Constellium N.V. Senior Unsecured Notes issued in December 2014, due 2023.
Summary of Reconciliation of Movement in Net Borrowings Explanatory | 20.2 Movements in borrowings
(in millions of Euros) |  | Year ended 2017 |  |  | Year ended 2016 |
At January 1, |  |  | 2,468 |  |  |  | 2,233 |
Cash flows |  |  |  |  |  |  |  |
Proceeds from issuance of Senior Notes (A) (B) |  |  | 1,440 |  |  |  | 375 |
Repayments of Senior Notes or PIK Toggle notes (B) (C) (D) |  |  | (1,559 | ) |  |  | (148 | )
Proceeds / (Repayments) from U.S. Revolving Credit Facilities and other loans |  |  | 29 |  |  |  | (69 | )
Arrangement fees payment |  |  | (29 | ) |  |  | (12 | )
Finance lease repayment and others |  |  | (13 | ) |  |  | (10 | )
Non-cash changes |  |  |  |  |  |  |  |
Movement in interests accrued or capitalized |  |  | (13 | ) |  |  | 15 |
New finance leases |  |  | 17 |  |  |  | 16 |
Deferred arrangement fees and step-up amortization |  |  | 7 |  |  |  | (10 | )
Effects of changes in foreign exchange rates |  |  | (220 | ) |  |  | 78 |
At December 31, |  |  | 2,127 |  |  |  | 2,468 |
(A) | The proceeds from the Senior Notes issued on November 9, 2017 represented €830 million, converted at the issuance date exchange rate of EUR/USD=1.1630.
(B) | The proceeds from the Senior Notes issued on February 16, 2017 represented €610 million, converted at the issuance date exchange rate of EUR/USD=1.0652. The repurchase of Muscle Shoals Senior Notes was completed on the same day for the same amount.
(C) | The redemption of Secured and Unsecured Notes on November 9, 2017 represented €949 million, converted at the redemption date exchange rate of EUR/USD=1.1630.
(D) | The redemption of PIK Toggle Notes on December 5, 2016 represented €148 million, converted at the redemption date exchange rate of EUR/USD=1.0702.
Summary of Composition of Carrying Amounts of Total Borrowings | The composition of the carrying amounts of total borrowings in Euro equivalents is denominated in the currencies shown below:
(in millions of Euros) |  | At December 31, 2017 |  |  | At December 31, 2016 |
U.S. Dollar |  |  | 1,387 |  |  |  | 1,887 |
Euro |  |  | 720 |  |  |  | 575 |
Other currencies |  |  | 20 |  |  |  | 6 |
Total borrowings |  |  | 2,127 |  |  |  | 2,468 |

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