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Borrowings (Tables)
 12 Months Ended
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