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BORROWINGS (Tables) | 6 Months Ended
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Jun. 30, 2020
Borrowings [abstract] |
Schedule of Borrowings by Nature |
(in millions of Euros) |  | At June 30, 2020 |  | At December 31, 2019
|  | Nominal Value in Currency |  | Nominal rate |  | Effective rate |  | Nominal Value In Euros |  | (Arrangement fees) |  | Accrued interests |  | Carrying value |  | Carrying value
Secured Pan-U.S. ABL (due 2022) |  | $ | — |  |  | Floating |  |  | 3.43 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |
Secured U.S. DDTL (due 2022) (A) |  | $ | — |  |  | Floating |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Secured French Loan (due 2025) (B) |  | € | 180 |  |  | Floating |  |  | 2.50 | % |  | 180 |  |  | — |  |  | — |  |  | 180 |  |  | — |
Secured Inventory Based Facility (due 2021) |  | — |  |  | Floating |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Senior Unsecured Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Constellium SE (Issued May 2014, due 2024) |  | $ | 400 |  |  | 5.75 | % |  | 6.26 | % |  | 357 |  |  | (3 | ) |  | 3 |  |  | 357 |  |  | 355 |
Constellium SE (Issued May 2014, due 2021) |  | € | — |  |  | 4.63 | % |  | 5.16 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | 200 |
Constellium SE (Issued February 2017, due 2025) |  | $ | 650 |  |  | 6.63 | % |  | 7.13 | % |  | 580 |  |  | (9 | ) |  | 13 |  |  | 584 |  |  | 582 |
Constellium SE (Issued November 2017, due 2026) |  | $ | 500 |  |  | 5.88 | % |  | 6.26 | % |  | 447 |  |  | (6 | ) |  | 10 |  |  | 451 |  |  | 449 |
Constellium SE (Issued November 2017, due 2026) |  | € | 400 |  |  | 4.25 | % |  | 4.57 | % |  | 400 |  |  | (5 | ) |  | 6 |  |  | 401 |  |  | 400 |
Constellium SE (Issued June 2020, due 2028) (C) |  | $ | 325 |  |  | 5.63 | % |  | 6.05 | % |  | 290 |  |  | (6 | ) |  | — |  |  | 284 |  |  | — |
Unsecured Revolving Credit Facility (due 2021) (D) |  | — |  |  | Floating |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unsecured Credit facility Switzerland (due 2025) (E) |  | CHF | 20 |  |  | 1.18 | % |  | 1.18 | % |  | 18 |  |  | — |  |  | — |  |  | 18 |  |  | — |
Lease liabilities |  |  |  |  |  |  |  | 190 |  |  | — |  |  | 1 |  |  | 191 |  |  | 188 |
Other loans (F) |  |  |  |  |  |  |  | 68 |  |  | — |  |  | 2 |  |  | 70 |  |  | 60 |
Total Borrowings |  |  |  |  |  |  |  | 2,530 |  |  | (29 | ) |  | 35 |  |  | 2,536 |  |  | 2,361 |
Of which non-current |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,434 |  |  | 2,160 |
Of which current |  |  |  |  |  |  |  |  |  |  |  |  |  | 102 |  |  | 201 |
Constellium SE Senior Notes are guaranteed by certain subsidiaries.
(A) | On April 24, 2020, Constellium Muscle Shoals, Constellium Rolled Product Ravenswood, LLC and Constellium Bowling Green amended the Pan-U.S. ABL to include a delay-draw term loan (the “U.S. DDTL”) of $166 million.
(B) | On May 13, 2020, one of our French entities entered into a term facility agreement with a syndicate of banks (the “French Loan”), 80% guaranteed by the French State. The French Loan established a fully committed term loan for an aggregate amount up to €180 million, of which €30 million was provided by Bpifrance Financement, a related party. The French Loan will mature no earlier than May 20, 2021, and the Company has the option to extend it for up to five years.
(C) | On June 30, 2020, Constellium SE issued $325 million principal amount of the 5.625% Senior Notes due 2028. Deferred arrangement fees amounted to €6 million on the issuance date. A portion of the net proceeds from the issuance were used to repurchase the remaining €200 million of the 4.625% Constellium SE Senior Unsecured Notes issued in May 2014, due 2021.
(D) | The Unsecured Revolving Credit Facility has a €5 million borrowing base and is provided by Bpifrance Financement, a related party.
(E) | On May 22, 2020, Constellium Valais entered into an uncommitted revolving credit facility for an amount of CHF 20 million, 85% guaranteed by the Swiss state. This facility may be terminated by either party at any time.
(F) | Other loans include €38 million of financial liabilities relating to the sale and leaseback of assets that were considered to be financing arrangements in substance.
Schedule of Movement in Borrowings |
(in millions of Euros) |  | Six months ended June 30, 2020 |  | Year ended December 31,2019
At December 31, prior year |  | 2,361 |  |  | 2,151 |
IFRS 16 application |  | — |  |  | 102 |
At January 1 |  | 2,361 |  |  | 2,253 |
Cash flows |  |  |  |
Proceeds from issuance of Senior Notes (A) |  | 290 |  |  | — |
Repayment of Senior Notes (B) |  | (200 | ) |  | (100 | )
Proceeds from French loan |  | 180 |  |  | — |
Proceeds from Swiss credit facility |  | 18 |  |  | — |
(Repayments) / proceeds from U.S. revolving credit facility and other loans |  | (124 | ) |  | 109 |
Payment of deferred financing costs |  | (6 | ) |  | — |
Lease repayments |  | (17 | ) |  | (86 | )
Non-cash changes |  |  |  |
Borrowings assumed through business combination |  | — |  |  | 75 |
Movement in interests accrued or capitalized |  | (1 | ) |  | 1 |
New leases and other loans |  | 25 |  |  | 75 |
Deferred arrangement fees and other |  | 3 |  |  | 5 |
Effects of changes in foreign exchange rates |  | 7 |  |  | 29 |
At the end of the period |  | 2,536 |  |  | 2,361 |
(A) | The proceeds from the Senior Notes issued on June 30, 2020 were €290 million, converted at the issuance date exchange rate of EUR/USD=1.1198.
(B) | On June 30, 2020, the remaining €200 million of the 4.625% Senior Notes due 2021 were redeemed. On August 8, 2019, €100 million of the €300 million outstanding aggregate principal amount of the 4.625% Senior Notes due 2021 were redeemed.
Schedule of Currency Concentration 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 June 30, 2020 |  | At December 31, 2019
U.S. Dollar |  | 1,757 |  |  | 1,597 |
Euro |  | 741 |  |  | 746 |
Other currencies |  | 38 |  |  | 18 |
Total borrowings |  | 2,536 |  |  | 2,361 |

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