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BORROWINGS | 6 Months Ended
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Jun. 30, 2024
Borrowings [abstract] |
BORROWINGS | NOTE 15 - BORROWINGS 15.1 Analysis by nature
|  |  | At June 30, 2024 |  | At December 31, 2023
(in millions of Euros) |  | Nominal Value in Currency |  | Nominal rate |  |  |  | Nominal Value in Euros |  | (Arrange-ment fees) |  | Accrued interests |  | Carrying value |  | Carrying value
Senior Unsecured Notes (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued November 2017 and | due 2026 |  | $ | 250 |  | 5.875% |  |  |  | 234 |  | (1) |  | 5 |  | 238 |  | 230
Issued November 2017 and | due 2026 |  | € | 400 |  | 4.250% |  |  |  | 400 |  | (2) |  | 6 |  | 404 |  | 404
Issued June 2020 and | due 2028 |  | $ | 325 |  | 5.625% |  |  |  | 303 |  | (3) |  | 1 |  | 301 |  | 291
Issued February 2021 and | due 2029 |  | $ | 500 |  | 3.750% |  |  |  | 467 |  | (5) |  | 4 |  | 466 |  | 452
Issued June 2021 and | due 2029 |  | € | 300 |  | 3.125% |  |  |  | 300 |  | (3) |  | 4 |  | 301 |  | 300
Lease liabilities |  |  |  |  |  |  |  | 151 |  | — |  | 1 |  | 152 |  | 154
Other loans (B) |  |  |  |  |  |  |  | 33 |  | — |  | — |  | 33 |  | 37
Total Borrowings |  |  |  |  |  |  |  | 1,888 |  | (14) |  | 21 |  | 1,895 |  | 1,868
Of which non-current |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,842 |  | 1,814
Of which current |  |  |  |  |  |  |  |  |  |  |  |  |  | 53 |  | 54
(A)The Senior Unsecured Notes were issued by Constellium SE and are guaranteed by certain subsidiaries. (B)Other loans inclu de €28 million o f financial liabilities relating to the sale and leaseback of assets that were considered to be financing arrangements in substance. 15.2 Undrawn credit facilities and overdraft arrangements At June 30, 2024, the Group had a $500 million Pan-U.S. ABL facility in place. This secured asset-based credit facility matures in April 2026. The Group also had a €100 million French inventory facility in place. This committed asset-based credit facility matures in April 2025 and was undrawn at June 30, 2024. The Group also uses a €75 million Money Market facility, as well as overdraft agreements with its commercial banks for cash management purposes. These arrangements are uncommitted and were undrawn at June 30, 2024. 15.3 Covenants The Group was in compliance with all applicable debt covenants at June 30, 2024 and December 31, 2023 and for the six months ended June 30, 2024. 15.4 Movements in borrowings
(in millions of Euros) |  |  |  | At June 30, 2024 |  | At December 31, 2023
At January 1, |  |  |  | 1,868 |  | 2,056
Cash flows |  |  |  |  |  |
Repayments of long-term borrowings (A) |  |  |  | (4) |  | (53)
Net change in revolving credit facilities and short-term borrowings (B) |  |  |  | — |  | (83)
Lease repayments |  |  |  | (13) |  | (37)
Non-cash changes |  |  |  |  |  |
Movement in accrued interest |  |  |  | — |  | (1)
Changes in leases and other loans |  |  |  | 9 |  | 24
Deferred arrangement fees |  |  |  | 2 |  | 4
Effects of changes in foreign exchange rates |  |  |  | 33 |  | (42)
At the end of the period |  |  |  | 1,895 |  | 1,868
(A)For the twelve months ended December 31, 2023, repayments of long-term borrowings included the redemption of $50 million out of the $300 million outstanding aggregate principal amount of the 5.875% Senior Notes due 2026 on July 20, 2023. (B)For the twelve months ended December 31, 2023, the net change in revolving credit facilities and short-term borrowings included mainly the repayment under the Pan-U.S. ABL. 15.5 Currency concentration
(in millions of Euros) |  | At June 30, 2024 |  | At December 31, 2023
U.S. Dollar |  | 1,044 |  | 1,012
Euro |  | 845 |  | 849
Other currencies |  | 6 |  | 7
Total borrowings |  | 1,895 |  | 1,868

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