NOTE 18 - BORROWINGS

18.1 Analysis by nature


																		At December 31,
(in millions of Euros)	At June 30, 2019																	2018
	Nominal								Nominal
	Value		Nominal			Effective			Value		(Arrangement			Accrued		Carrying		Carrying
	in Currency		rate			rate			In Euros		fees)			interests		value		value
Secured Pan-U.S. ABL ^(A)	$	106		Floating			4.43	%		93		—			—		93		—
(due 2022)
Secured Inventory Based Facility ^(B)		—		Floating			—			—		—			—		—		—
(due 2021)
Senior Unsecured Notes
Constellium SE	$	400		5.75	%		6.26	%		352		(3	)		2		351		348
(Issued May 2014, due 2024)
Constellium SE	€	300		4.63	%		5.16	%		300		(2	)		2		300		300
(Issued May 2014, due 2021)
Constellium SE	$	650		6.63	%		7.13	%		571		(11	)		13		573		568
(Issued February 2017, due 2025)
Constellium SE	$	500		5.88	%		6.26	%		439		(7	)		10		442		440
(Issued November 2017, due 2026)
Constellium SE	€	400		4.25	%		4.57	%		400		(6	)		6		400		399
(Issued November 2017, due 2026)
Unsecured Revolving Credit Facility ^(C)		—		Floating			—			—		—			—		—		—
(due 2021)
Lease liabilities		—		—			—			187		—			—		187		73
Other loans ^(D)		—		—			—			31		—			1		32		23

Total Borrowings		—		—			—			2,373		(29	)		34		2,378		2,151

Of which non-current																	2,216		2,094
Of which current																	162		57

Constellium SE Senior Notes are guaranteed by certain subsidiaries.

(A)	On February 20, 2019, the Pan-U.S. ABL was amended to include Bowling Green and increased to $350 million. The credit facility was increased to $400 million on May 10, 2019.

(B)	On March 15, 2019, the secured Inventory Based Facility maturity was extended to 2021.

(C)	The Unsecured Revolving Credit Facility has a 7 million borrowing base and is provided by BPI France, a related party.

(D)	Other loans include €11 million of financial liabilities relating to sale and lease-backs of assets that were considered, in substance, as financing arrangements.

18.2 Movements in borrowings


(in millions of Euros)	Note		Period ended June 30, 2019			Year ended December 31, 2018
At December 31, prior period				2,151			2,127
IFRS 16 application		2		102			—

At January 1				2,253			2,127

Cash flows
Proceeds / (Repayments) from Revolving Credit Facilities and other loans				76			(68	)
Payment of lease liabilities				(70	)		(15	)
Non-cash changes
Borrowings assumed through business combination		3		75			—
New leases and other loans		23		33			28
Movement in interests accrued				1			12
Deferred arrangement fees				2			2
Effects of changes in foreign exchange rates				8			65

At the end of the period				2,378			2,151

18.3 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, 2019		At December 31, 2018
U.S. Dollar		1,541		1,408
Euro		811		726
Other currencies		26		17

Total borrowings		2,378		2,151

18.4 Covenants

The Group was in compliance with all applicable debt covenants at and for the six months ended June 30, 2019 and for the year ended December 31, 2018.

Constellium SE Senior Notes

The indentures for our outstanding Senior Notes contain customary terms and conditions, including amongst other things, limitations on incurring or guaranteeing additional indebtedness, on paying dividends, on making other restricted payments, on creating restrictions on dividends and other payments to us from certain of our subsidiaries, on incurring certain liens, on selling assets and subsidiary stock, and on merging.

Pan-U.S. 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.