Obligations et notation crédit
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(1) Commercial paper programs give the ability to access $1.5 billion and €1.0 billion of short-term financing through the commercial paper dealers, subject to the limit of unused capacity of the facility agreement. As TechnipFMC has both the ability and intent to refinance these obligations on a long-term basis, commercial paper borrowings were classified as long-term in the condensed consolidated balance sheets as of March 31, 2017. Commercial paper borrowings are issued at market interest rates.
(2) On January 20, 2016, a €375 million synthetic bond were issued, followed by a tap issuance on March 3, 2016 of €75 million. These issues of synthetic bonds linked to ordinary shares were backed up simultaneously by the purchase of cash-settled equity call options to hedge economic exposure to the potential exercise of the conversion right embedded in the bonds. These bonds mature in January 2021 and bear an annual coupon rate of 0.875%. Synthetic bonds were used for general corporate purposes and to finance the purchase of the call options.
(3) Convertible bonds issued on December 15, 2011 for a total amount of €497.6 million have been redeemed at their maturity date on January 2, 2017.
(4) On February 28, 2017, TechnipFMC commenced offers to exchange any and all outstanding notes issued by FMC Technologies for up to $800.0 million aggregate principal amount of new notes issued by TechnipFMC and cash. In conjunction with the offers to exchange, FMC Technologies solicited consents to adopt certain proposed amendments to each of the indentures governing the previously issued notes to eliminate certain covenants, restrictive provisions and events of defaults from such indentures.
On March 29, 2017, TechnipFMC settled the offers to exchange and consent solicitations for (i) any and all 2.00% senior notes due October 1, 2017 issued by FMC Technologies for up to an aggregate principal amount of $300.0 million of new 2.00% senior notes due October 1, 2017 issued by TechnipFMC and cash, and (ii) any and all 3.45% senior notes due October 1, 2022 issued by FMC Technologies for up to an aggregate principal amount of $500.0 million in new 3.45% senior notes due October 1, 2022 issued by TechnipFMC with registration rights and cash. Pursuant to the Exchange Offers, TechnipFMC issued approximately $215.4 million in aggregate principal amount of 2.00% senior notes due October 1, 2017 and $459.8 million in aggregate principal amount of 3.45% senior notes due October 1, 2022.
(5) On July 27, 2010, private placement notes were completed for €200.0 million aggregate principal amount bearing interest at 5.0% and due July 2020.
In June 2012, private placement notes of €325.0 million aggregate principal amount of notes were completed. The notes were issued in three tranches with €150.0 million bearing interest at 3.40% and due June 2022, €75.0 million bearing interest at 4.0% and due June 2027 and €100.0 million bearing interest at 4.0% and due June 2032.
In October 2013, private placement notes of €355.0 million aggregate principal amount of senior notes were completed. The notes were issued in three tranches with €100.0 million bearing interest at 3.75% and due October 2033, €130.0 million bearing interest at 3.15% and due October 2023 and €125.0 million bearing interest at 3.15% and due October 2023.
(6) Bank borrowings and credit facilities principally represent drawings on loans granted for the purpose of pre-financing exports, asset financings and to provide a more efficient daily source of liquidity.
(1) Notation applicable pour le programme US Commercial Paper de FMC Technologies