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Borrowings | 6 Months Ended
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Jun. 30, 2018
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Borrowings | NOTE 17 - BORROWINGS 17.1 Analysis by nature
(in millions of Euros) |  | June 30, 2018 |  |  | December 31, 2017 |
| Nominal Value in Currency |  |  | Nominal rate |  |  | Effective rate |  |  | Nominal Value In Euros |  |  | (Arrangement fees) |  |  | Accrued interests |  |  | Carrying value |  |  | Carrying value |
Secured Pan US ABL (due 2022) |  | $ | 90 |  |  |  | Floating |  |  |  | 4.32 | % |  |  | 77 |  |  |  | — |  |  |  | — |  |  |  | 77 |  |  |  | 65 |
Secured Inventory Based Facility (due 2019) |  |  | — |  |  |  | Floating |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Senior Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Constellium N.V. (Issued May 2014, due 2024) |  | $ | 400 |  |  |  | 5.75 | % |  |  | 6.26 | % |  |  | 343 |  |  |  | (4 | ) |  |  | 2 |  |  |  | 341 |  |  |  | 332 |
Constellium N.V. (Issued May 2014, due 2021) |  | € | 300 |  |  |  | 4.63 | % |  |  | 5.16 | % |  |  | 300 |  |  |  | (3 | ) |  |  | 2 |  |  |  | 299 |  |  |  | 298 |
Constellium N.V. (Issued February 2017, due 2025) |  | $ | 650 |  |  |  | 6.63 | % |  |  | 7.13 | % |  |  | 558 |  |  |  | (12 | ) |  |  | 12 |  |  |  | 558 |  |  |  | 541 |
Constellium N.V. (Issued November 2017, due 2026) |  | $ | 500 |  |  |  | 5.88 | % |  |  | 6.26 | % |  |  | 429 |  |  |  | (8 | ) |  |  | 10 |  |  |  | 431 |  |  |  | 413 |
Constellium N.V. (Issued November 2017, due 2026) |  | € | 400 |  |  |  | 4.25 | % |  |  | 4.57 | % |  |  | 400 |  |  |  | (7 | ) |  |  | 6 |  |  |  | 399 |  |  |  | 395 |
Unsecured Revolving Credit Facility (due 2021)(A) |  |  | — |  |  |  | Floating |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other loans (including Finance leases) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 76 |  |  |  | — |  |  |  | 3 |  |  |  | 79 |  |  |  | 83 |
Total Borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,183 |  |  |  | (34 | ) |  |  | 35 |  |  |  | 2,184 |  |  |  | 2,127 |
Of which non-current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,054 |  |  |  | 2,021 |
Of which current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 130 |  |  |  | 106 |
Constellium N.V. Senior Notes are guaranteed by certain subsidiaries.
(A) | On March 28, 2018, Constellium Issoire entered into a €10 million unsecured Revolving Credit Facility with BPI France, a related party.
17.2 Movements in borrowings
(in millions of Euros) |  | Period ended June 30, 2018 |  |  | Year ended December 31, 2017 |
At January 1, |  |  | 2,127 |  |  |  | 2,468 |
Cash flows |  |  |  |  |  |  |  |
Proceeds from issuance of Senior Notes(A)(B) |  |  | — |  |  |  | 1,440 |
Repayments of Senior Notes(B)(C) |  |  | — |  |  |  | (1,559 | )
Proceeds / (Repayments) from U.S. Revolving Credit Facilities and other loans |  |  | 10 |  |  |  | 29 |
Arrangement fees payment |  |  | — |  |  |  | (29 | )
Finance lease repayment and others |  |  | (7 | ) |  |  | (13 | )
Non-cash changes |  |  |  |  |  |  |  |
Movement in interests accrued or capitalized |  |  | 11 |  |  |  | (13 | )
New finance leases |  |  | 1 |  |  |  | 17 |
Deferred arrangement fees and step-up amortization |  |  | 2 |  |  |  | 7 |
Effects of changes in foreign exchange rates |  |  | 40 |  |  |  | (220 | )
At end of the period |  |  | 2,184 |  |  |  | 2,127 |
(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.
17.3 Currency concentration The composition of the carrying amounts of total borrowings in Euro equivalents is denominated in the currencies shown below:
(in millions of Euros) |  | At June 30, 2018 |  |  | At December 31, 2017 |
U.S. Dollar |  |  | 1,442 |  |  |  | 1,387 |
Euro |  |  | 722 |  |  |  | 720 |
Other currencies |  |  | 20 |  |  |  | 20 |
Total borrowings |  |  | 2,184 |  |  |  | 2,127 |
Covenants The Group was in compliance with all applicable debt covenants at and for the six months ended June 30, 2018 and for the year ended December 31, 2017. Constellium N.V. Senior Notes The indentures for our outstanding Senior Notes contain customary terms and conditions, including amongst other things, limitation on incurring or guaranteeing additional indebtedness, on paying dividends, on making other restricted payments, on creating restriction on dividend and other payments to us from certain of our subsidiaries, on incurring certain liens, on selling assets and subsidiary stock, and on merging. Pan US ABL Facility This facility contains a fixed charge coverage ratio covenant and EBITDA contribution ratio. Evaluation of compliance is only required if the excess availability falls below 10% of the aggregate revolving loan commitment. It also contains customary affirmative and negative covenants, but no maintenance covenants.

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