NOTE 17 - BORROWINGS

17.1 Analysis by nature


(in millions of Euros)	June 30, 2018																	December 31, 2017
(in millions of Euros)	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.