Valeo has announced the successful placement of EUR500m of new bonds with maturity in 2018 and the final result of its offer to repurchase notes with maturity in 2013 for a principal amount of EUR200m.

This bond issue enabled the placement in favorable conditions (mid swap + 165 bps) of EUR500m of bonds with seven-year maturity and a coupon of 4.875%.

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“The successful outcome of this transaction demonstrates investors’ confidence in the credit quality of Valeo, whose long-term debt rating was raised to Baa3 (investment grade) with stable outlook by [credit rating agency] Moody’s on 3 May, 2011,” the supplier said in a statement.

Regarding the offer to reimburse holders of the bonds with maturity in 2013, launched simultaneously, Valeo confirmed the repurchase of one-third of the outstanding bonds, for a principal amount of EUR200m, out of the principal amount of EUR600m issued in June 2005.

“These transactions will enable Valeo to lengthen and smooth its debt maturity profile by reducing the 2013 maturity by EUR200m and creating a new maturity of 2018 for EUR500m,” the company said.

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