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Borrowings (Tables)

12 Months Ended

Dec. 31, 2018

Text block [abstract]

Summary of Borrowings


		December 31, 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)			—				Floating				4.51	%			—				—				—				—				65
Secured Inventory Based Facility (due 2019)			—				Floating				—				—				—				—				—				—
Senior Unsecured Notes
Constellium N.V. (Issued May 2014, due 2024)		$	400				5.75	%			6.26	%			349				(4	)			3				348				332
Constellium N.V. (Issued May 2014, due 2021)		€	300				4.63	%			5.16	%			300				(2	)			2				300				298
Constellium N.V. (Issued February 2017, due 2025)		$	650				6.63	%			7.13	%			568				(12	)			12				568				541
Constellium N.V. (Issued November 2017, due 2026)		$	500				5.88	%			6.26	%			437				(7	)			10				440				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)			—				—				—				94								2				96				83

Total Borrowings															2,148				(32	)			35				2,151				2,127

Of which non-current																											2,094				2,021
Of which current																											57				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.

Summary of Reconciliation of Movement in Net Borrowings Explanatory


*(in millions of Euros)*		Year ended December 31, 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	)
(Repayments) / Proceeds from US Revolving Credit Facilities and other loans			(68	)			29
Arrangement fees payment			—				(29	)
Finance lease repayment and others			(15	)			(13	)
Non-cash changes
Movement in interests accrued or capitalized			12				(13	)
New finance leases			28				17
Deferred arrangement fees, step-up amortization and other			2				7
Effects of changes in foreign exchange rates			65				(220	)

At December 31			2,151				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.

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, 2018				At December 31, 2017
U.S. Dollar			1,408				1,387
Euro			726				720
Other currencies			17				20

Total borrowings			2,151				2,127