Valeo announced that BNP Paribas has invited holders of company's outstanding Notes to offer to sell those Existing Notes to BNP Paribas, for an amount to be determined at its sole discretion. It is intended that Existing Notes purchased by BNP Paribas pursuant to the tender offer will be transferred by BNP Paribas to company and upon such transfer of Existing Notes, such Existing Notes will be immediately cancelled by the company.
The company will issue a new longer-dated euro-denominated bond pursuant to its EMTN Program which will be fully subscribed by BNP Paribas in exchange of the Existing Notes transferred to company. These transactions will enable the company to lengthen and smooth its debt maturity profile.