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BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2020
Borrowings [abstract] |
Schedule of Borrowings by Nature |
|  |  | At December 31,
|  | 2020 |  | 2019
(in millions of Euros) |  | Nominal Value in Currency |  | Nominal rate |  |  |  | Nominal Value in Euros |  | (Arrangement fees) |  | Accrued interests |  | Carrying value |  | Carrying value
Secured Pan-U.S. ABL (due 2022) |  | $ | — |  |  | Floating |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |
Secured U.S. DDTL (due 2022) (A) |  | $ | — |  |  | Floating |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Secured PGE French Facility (due 2026) (B) |  | € | 180 |  |  | Floating |  |  |  | 180 |  |  | — |  |  | — |  |  | 180 |  |  | — |
Secured German Facility (due 2022) (C) |  | € | — |  |  | 2.000 | % |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Secured Inventory Facility (due 2021) |  | € | — |  |  | Floating |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Senior Unsecured Notes (D) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued May 2014 and | due 2024 |  | $ | 400 |  |  | 5.750 | % |  |  |  | 326 |  |  | (3) |  |  | 2 |  |  | 325 |  |  | 355 |
Issued May 2014 and | due 2021 |  | € | — |  |  | 4.625 | % |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 200 |
Issued February 2017 and | due 2025 |  | $ | 650 |  |  | 6.625 | % |  |  |  | 530 |  |  | (8) |  |  | 12 |  |  | 534 |  |  | 582 |
Issued November 2017 and | due 2026 |  | $ | 500 |  |  | 5.875 | % |  |  |  | 407 |  |  | (5) |  |  | 9 |  |  | 411 |  |  | 449 |
Issued November 2017 and | due 2026 |  | € | 400 |  |  | 4.250 | % |  |  |  | 400 |  |  | (5) |  |  | 6 |  |  | 401 |  |  | 400 |
Issued June 2020 and | due 2028 (E) |  | $ | 325 |  |  | 5.625 | % |  |  |  | 265 |  |  | (6) |  |  | 1 |  |  | 260 |  |  | — |
Unsecured Revolving Credit Facility (due 2021) (F) |  | € | — |  |  | Floating |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unsecured Swiss Facility (due 2025) (G) |  | CHF | 20 |  |  | 1.180 | % |  |  |  | 18 |  |  | — |  |  | — |  |  | 18 |  |  | — |
Unsecured German Facility (due 2022) (C) |  | € | — |  |  | 2.120 | % |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Lease liabilities |  |  |  |  |  |  |  | 194 |  |  | — |  |  | 1 |  |  | 195 |  |  | 188 |
Other loans (H) |  |  |  |  |  |  |  | 66 |  |  | — |  |  | 1 |  |  | 67 |  |  | 60 |
Total Borrowings |  |  |  |  |  |  |  | 2,386 |  |  | (27) |  |  | 32 |  |  | 2,391 |  |  | 2,361 |
Of which non-current |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,299 |  |  | 2,160 |
Of which current |  |  |  |  |  |  |  |  |  |  |  |  |  | 92 |  |  | 201 |
(A)The Pan-U.S. ABL was amended on April 24, 2020 to include a delayed draw term loan (the “U.S. DDTL”) of up to the lesser of $166 million and 50% of the net orderly liquidation value of certain eligible equipment (the Pan-U.S. ABL and the U.S. DDTL are collectively referred to as the “U.S. revolving credit facilities").The U.S. revolving credit facilities were further amended on September 25, 2020 to, among other things, extend the delayed draw term loan commitment expiration date to May 1, 2021. (B)On May 13, 2020, one of our French entities entered into a fully committed term loan with a syndicate of banks (the “PGE French Facility”) for an aggregate amount of up to €180 million, of which 80% is guaranteed by the French State. Bpifrance Financement, a related party, provided €30 million of the PGE French Facility. The PGE French Facility will mature no earlier than May 20, 2021, and the borrower has the option to extend the PGE French Facility for up to five years. The facility bears interest at an annual rate equal to EURIBOR (floored at zero) plus a margin of 1.3% per annum in the first year, increasing by 0.50% per annum annually thereafter. The cost of the French State guarantee initially equals to 0.5% per annum of the total amount of the loan and will step up to 1% for each of the second and third years and to 2% for each of the fourth, fifth and sixth years. The PGE French facility has been recorded at amortized cost assuming a two-year draw resulting in an effective interest rate of 2.5%. (C)On July 15, 2020, two of our German entities entered into two credit facilities of €25 million each of which 80% is guaranteed by the German State. (D)Senior Unsecured Notes have been issued by Constellium SE and are guaranteed by certain subsidiaries. (E)On June 30, 2020, Constellium SE issued $325 million of 5.625% Senior Notes due 2028. Deferred arrangement fees were €6 million. A portion of the net proceeds from the issuance was used to repurchase the remaining €200 million of the 4.625% Senior Notes due 2021. (F)The Unsecured Revolving Credit Facility of one of our French entities has a €3 million borrowing base and is provided by Bpifrance Financement, a related party. (G)On May 22, 2020, Constellium Valais entered into an uncommitted revolving credit facility for an amount of CHF20 million, of which 85% is guaranteed by the Swiss state. This facility may be terminated by either party at any time. (H)Other loans include €44 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 |
|  |  |  | At December 31,
(in millions of Euros) |  | Notes |  | 2020 |  | 2019
At December 31, prior period |  |  |  | 2,361 |  |  | 2,151 |
IFRS 16 application |  |  |  | — |  |  | 102 |
At January 1 |  |  |  | 2,361 |  |  | 2,253 |
Cash flows |  |  |  |  |  |
Proceeds from issuance of Senior Notes |  |  |  | 290 |  |  | — |
Repayment of Senior Notes (A) |  |  |  | (200) |  |  | (100) |
(Repayments) / proceeds from U.S. revolving credit facilities |  |  |  | (129) |  |  | 105 |
Proceeds from other borrowings |  |  |  | 202 |  |  | 8 |
Repayments from other borrowings |  |  |  | (10) |  |  | (4) |
Lease repayments |  |  |  | (35) |  |  | (86) |
Payment of deferred financing costs |  |  |  | (6) |  |  | — |
Non-cash changes |  |  |  |  |  |
Borrowings assumed through business combination |  | 33 |  | — |  |  | 75 |
Movement in interests accrued or capitalized |  |  |  | (1) |  |  | 1 |
Changes in leases and other loans |  |  |  | 62 |  |  | 75 |
Deferred arrangement fees |  |  |  | 5 |  |  | 5 |
Effects of changes in foreign exchange rates |  |  |  | (148) |  |  | 29 |
At December 31 |  |  |  | 2,391 |  |  | 2,361 |
(A)On August 8, 2019, €100 million of the €300 million outstanding aggregate principal amount of the 4.625% Senior Notes due 2021 were redeemed. On June 30, 2020, the remaining €200 million were redeemed.
Schedule of Currency Concentration of Total Borrowings |
|  | At December 31,
(in millions of Euros) |  | 2020 |  | 2019
U.S. Dollar |  | 1,602 |  |  | 1,597 |
Euro |  | 757 |  |  | 746 |
Other currencies |  | 32 |  |  | 18 |
Total borrowings |  | 2,391 |  |  | 2,361 |

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