Valeo in €600 Million Issuance under Euro MTN Program

June 24, 2005

Cleary Gottlieb represented Valeo in the issuance of €600 million 3.75% notes due 2013 under Valeo’s €2 billion Euro MTN program.

EMTN programs allow issuers to sell a wide range of debt securities without extensive documentation at each issuance, reducing transaction costs. This makes smaller offerings feasible, enabling issuers to manage liabilities and cash more precisely.

Valeo is a leading global automotive supplier with a market capitalization of close to €2.8 billion.  Focused on the design, production and sale of components, systems and modules for cars and trucks, Valeo employs 67,300 people and registered consolidated sales of €9.4 billion in 2004.  Valeo is listed on the Paris Stock Exchange and is quoted on the SBF 80 and Euronext 100 indexes.