Valeo in the Repurchase of €580 Million Existing Notes and a €700 Million Issuance under its Euro MTN Program

January 22, 2014

Cleary Gottlieb represented Valeo in the recent offer launched by BNP Paribas to repurchase notes under Valeo’s outstanding €500 million 5.75% notes due January 19, 2017 and Valeo’s outstanding €500 million 4.875% notes due May 11, 2018 issued under Valeo’s Euro Medium Term Notes Program. This offering launched on January 8, 2014 and closed on January 14, 2014.

Cleary Gottlieb also represented Valeo in the issue of new longer-dated euro-denominated 3.25% notes under its €2 billion EMTN Program, for an aggregate principal amount of €700 million with maturity in 2024, which were fully subscribed by BNP Paribas in exchange for the existing notes transferred to Valeo. This issuance closed on January 22, 2014.