Post on 05-Feb-2018
Strategy update and bondholder solicitation
August 30, 2016
Strategy update and bondholder solicitation | August 30, 2016 | p.2
DisclaimerAREVA's operations, financial situation and results, as well as the risk factors related to it, are described in the AREVA Reference Document, which was
filed with the Autorité des Marchés Financiers (AMF) on April 12, 2016 under number D. 16-0322 (the Reference Document), which is available on the
AMF website (www.amf-france.org) and on the AREVA website (www.areva.com). Chapter 4 of the Reference Document describes the risk factors to
which AREVA is exposed.
This document does not constitute a prospectus under the meaning of the directive 2003/71/EC of November 4, 2003. This document does not contain,
does not constitute, is not part of and should not be considered as an offer, an invitation or a solicitation for an investment in financial securities in
France, the United States or any other jurisdiction. Any offer of AREVA's financial securities may only be made by virtue of offering documents
specifically prepared for that purpose. Any investment decision should be made only on the basis of offering documents specifically prepared for that
purpose. This document has not been authorized or approved by any regulatory authority.
AREVA's financial securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) and may
be offered, sold or subscribed in the United States only within the framework of an exemption or a transaction not subject to the registration requirements
of the Securities Act. AREVA has no intention of registering all or part of an offer in the United States or of carrying out an offer of financial securities in
the United States.
The distribution of this document and of the information it contains may be the subject of legal restrictions in some countries. Persons who might come
into possession of it must inquire as to the existence of such restrictions and comply with them. Any breach of these restrictions is liable to constitute a
violation of applicable rules in the countries concerned.
Some of the information included in this document and other information reported or to be reported by AREVA constitute forward-looking information, not
historical facts. This forward-looking information refers to the future prospects, development and strategies of AREVA and are based on an analysis of
forecasts of future income and estimates of amounts that cannot yet be determined. By nature, the forward-looking information includes risks and
uncertainties insofar as they refer to events and depend on circumstances that may or may not occur in the future. AREVA draws your attention to the
fact that the forward-looking information does not constitute warranties as to AREVA's future performance and financial situation, AREVA's results and
cash flows, and that the development of the industrial segment in which AREVA operates may differ significantly from forward-looking information
mentioned in this document.
AREVA draws your attention to the fact that certain contemplated events, elements or features of the restructuring are conditional or depend on
approvals or decisions by other parties and therefore AREVA may not guarantee that all such events, elements or features will occur or be implemented
as contemplated.
Moreover, even if AREVA's financial situation, results and cash flows and the development of the industrial segment in which AREVA operates are
consistent with the forward-looking information mentioned in this document, these items might not be representative of results or developments of later
periods. AREVA makes no commitment to revise or confirm the forecasts and estimates of analysts or to make public any revision of forward-looking
information in order to reflect the events or circumstances that might occur subsequent to the date of this document. These risks and uncertainties
include the risk factors described in the Reference Document.
Strategy update and bondholder solicitation | August 30, 2016 | p.3
Today’s agenda
► Update on strategic roadmap implementation
► Update on NewCo’s performance
► Bondholders’ consent solicitation
Strategy update and bondholder solicitation | August 30, 2016 | p.4
STRATEGIC REFOCUSINGUpdate on strategic roadmap implementation
Strategy update and bondholder solicitation | August 30, 2016 | p.5
AREVA SA
OTHER
SHAREHOLDERS
NewCo
Reminder of proposed structurepost-reorganization
FRENCH STATE,
CEA & BPI
0-13.5% 86.5-100% 0-33%
STRATEGIC
INVESTORS
Other
subsidiaries
(o/w AREVA
Business Support)
AREVA NC
(Front End &
Back End)
AREVA
MINES
100% 100% 100%
AREVA NP :
OL3 project(1) and
certain contracts
(1) AREVA NP will ensure the completion of the OL3 project,
with personnel continuing to be fully mobilized, in compliance
with contractual obligations
a + b ≥ 67%a b
a
b
NEW NP(2)
15% - 25%
(2) NEW NP : AREVA NP operations, excluding the OL3
projects and certain component contracts
Strategy update and bondholder solicitation | August 30, 2016 | p.6
Bonds to be transferred to NewCo simultaneously with assets
AREVA SA NewCo
BOND DEBT(2)
BANK DEBT
(bilateral, RCF & bridge
loan(1))
OTHER SUBSIDIARIES(o/w AREVA Business Support)
AREVA MINES
OTHER ASSETS AND
LIABILITIES
SHARE OF CASH
AREVA NC
(Front End & Back End)
(2) Excluding 2016 bond, which will mature before the
assets and debt transfer is completed(1) Bridge loan currently undrawn
SHARE OF CASH
OTHER FINANCIAL DEBT
AREVA NP:
OL3 project(3) and certain
contracts
Strategy update and bondholder solicitation | August 30, 2016 | p.7
NewCo net median value: € 6.5 Bn before cash and financial debt
► AREVA SA to transfer all nuclear fuel cycle assets and liabilities to NewCo
Simultaneous expected transfer of the shares of AREVA Business Support, AREVA
Mines, AREVA NC (and their subsidiaries) and the bonds debt as of 2017
AREVA SA Extraordinary shareholders meeting to be called on November 3, 2016, to
approve partial asset contribution
Approval of the partial transfer of assets by the AREVA SA Board of Directors on August
29, 2016
The assets transfer is subject to certain condition precedents (as detailed in the
contribution documentation) and to bondholders approval
Two independent contribution auditors (“commissaires aux apports”) to review the
valuation process and provide written reports to shareholders
Fair market valuation performed by an independent institution and approved by the
AREVA SA Board of Directors on August 29, 2016
Strategy update and bondholder solicitation | August 30, 2016 | p.8
AREVA SANewCo
Values at June 30, 2016
before capital increase
OTHER SUBSIDIARIES(o/w AREVA Business Support)
Subsidiaries held for
sale
Share of cash
AREVA NP:
OL3 project(3) and certain
contracts
(2) Bridge loan currently undrawn
Transfer of assets: snapshot before capital increases
€5.9 Bn
€1.4 Bn
Median equity value
€2 Bn(4)
Fuel business cycle
median net value(4)
€6.5 Bn
FUEL BUSINESS CYCLE
Other assets and
liabilities
(4) Median real proforma value established from
multi-criteria method net of non financial liabilities
(e.g. pensions, end of cycle obligations and other
provisions). Transfer of assets to New AREVA
holding will be effected at book values.
FINANCIAL DEBT
o/w bonds(1) and other debt
BANK DEBT
(bilateral, RCF & bridge
loan(2))
(3) AREVA NP will ensure the completion of the OL3 project,
with personnel continuing to be fully mobilized, in compliance
with contractual obligations
SHARE OF CASH
NewCo SHARES
(1) Excluding 2016 bond, which will mature before the
assets and debt transfer is completed
Strategy update and bondholder solicitation | August 30, 2016 | p.9
Proposed capital increases tailored to the needs and purposes of each entity
AREVA SA NewCo
Capital increases in the total
amount of €5 Bn(1) subscribed by
the French State and third party
investors, targeted in Q1 2017
€3 Bn
(1) Subject to approval by the European Commission and success of current discussions with several
potential third-parties
€2 Bn €3 Bn
Strategy update and bondholder solicitation | August 30, 2016 | p.10
► Signing of a memorandum of understanding with EDF, confirming the sale of AREVA NP’s
operations
Sale to EDF and other investors of AREVA NP’s operations (excluding specific contracts, one
of them being OL3) in accordance with the chosen legal structuring scheme (option B(1))
o Transfer of AREVA NP operations to a new company, “NEW NP”, subsidiary fully
owned by AREVA NP, to be transferred to EDF at the closing of the deal
o Specific contracts, including the OL3 contract, are kept within AREVA NP (which
remains a subsidiary of AREVA SA), with dedicated resources and in compliance
with contractual obligations.
Indicative price at €2.5 billion (for 100% of its equity) for NEW NP operations (excluding
specific contracts, one of them being OL3)
Implementation of liability warranties for Component contracts
► Sale of operations subject to acceptability of the FA3 reactor vessel
► Deal expected to close in the 2nd half of 2017
Update on proposed sale of AREVA NP’s operations
(1) cf. Market Update presentation of June 15th, 2016
Strategy update and bondholder solicitation | August 30, 2016 | p.11
On track to deliver the strategic refocusing program
Solar energy
End of AREVA's operational involvement in solar operations in March 2016
Bioenergy
Decision made to cease operations as soon as projects in progress in France
and Asia have been completed
Canberra
Sale to Mirion completed on July 1st 2016
Adwen
AREVA has until mid-September to either: Sell its share in Adwen to Gamesa, or
Sell 100% of Adwen’s shares to a third-party investor which may submit a more
attractive binding offer during this period; the sale of the entire capital is made possible
by AREVA's drag-along right on Gamesa’s stake.
AREVA TA
Closing targeted for late 2016
Strategy update and bondholder solicitation | August 30, 2016 | p.12
Transactions
on share
capital
Q2 2016 20172017H2 2016
Shareholders’
Meeting: Capital
increases(1) for
AREVA SA and
NewCo
Structuring and
carving out of NEW NPSale of NEW NP(2)
Closing of
AREVA TA
sale
Targeted sequence of events
European
Commission
NEW NP
sale
Asset
sales
(2) Subject to the conditions mentioned on slide 10
Choice of a buyer for
Adwen
Bond transferTransfer of
bond debt
Shareholders’
Meeting:
Creation of
NewCo
Bondholders
consultation
Temporary guarantee
of AREVA to the
bondholders
Sale of
Canberra
Signature of
the proposed
partial transfer
of assets
Signing of the
binding offer
European
CommissionDiscussions of the French authorities
with the European Commission
Approval of the
State aid by the
European
Commission
(1) Subject to approval by the European Commission and success
of current discussions with several potential third-parties
Strategy update and bondholder solicitation | August 30, 2016 | p.13
End 2016
estimated
+ 1.3
Interim
financing
- 1.0+ 1.2
September
debt
repayment
Other current
borrowings
- 0.2
Gross cash
as of January
5th, 2016
Other current
borrowings
- 0.1
Net CF from
company
operations
- 1.0
Net CF from
company
operations
- 0.5
+ 2.8
Credit lines
+ 2.0
End 2015
+ 0.8
+ 0.1
+ 0.7
Gross cash other entities
Gross cash AREVA SA
Expected improvement of the Net Cash-Flow from company operations guidance at - €1.5bn
for 2016, at the top of the previous range
Going concern assured by the capital increase(1) that should take place in early 2017, replaced
by a shareholder loan(1) in case of delay
Enhanced liquidity outlookgiven improved cash flow
First half of 2016
2016 Net cash-flow
from company
operations of - €1.5 Bn
Second half of 2016
(1) Subject to approval by the European Commission and success of current discussions with several potential third-parties
Strategy update and bondholder solicitation | August 30, 2016 | p.14
AREVA SA configured to meet its 2016-2019 commitments(1)
► Plan for capital increase(2)
0.2
Resources
1.4
3.2
2.0
Requirements
0.6
2.5
0.2
3.4Repayment of debt
►
►
Interest on debt
Net cash flow from company
operations (including the
completion of the OL3 project)
►
Sensitivity of proceeds from sales
►
►Opening cash balance
► Proceeds from sales:
AREVA NP
Canberra, AREVA TA and others
(1) 2016 – 2019 resources and requirements as from January 1st, 2016, including credit lines drawn in January 2016
(2) Subject to approval by the European Commission and success of current discussions with several potential third-parties
Strategy update and bondholder solicitation | August 30, 2016 | p.15
NewCo set to meet its 2016-2019 financial requirements(1)
► Plan for capital increase(2):
Commitment from the State
to ensure its full success
Discussions underway with
strategic partners
0.7
1.8
0.5
Resources
0.5
1.5
3.0
Requirements
0.8
1.1
0.7
Repayment of debt
►
►Interest on debt
Net cash flow from NewCo
operations
►
Sensitivity factors of NewCo
►
► Opening cash balance
► Other resources
Minimum cash reserve
►
(1) 2016 – 2019 resources and requirements as from January 1st, 2016, including credit lines drawn in January 2016
(2) Subject to approval by the European Commission and success of current discussions with several potential third-parties
Strategy update and bondholder solicitation | August 30, 2016 | p.16
► Improved business risk profile: refocus on lower risk and growing
businesses with more predictable revenues and cash flows
An improved business profile for NewCo
Shareholders
Operations
Balance
sheet
► Committed shareholders: French State is committed to supporting the
capital increase(1) and maintaining at least 2/3 majority ownership, directly
or indirectly, via AREVA SA
► New investors: re-focused business model aimed at attracting third-
parties into NewCo’s share capital(1) in 2017
► Improved access to capital markets: improved financial position post
capital increase(1) will provide the company with potential to finance itself
in the mid term
► Stronger credit position: direct creditors of NewCo and therefore direct
benefit of the assets and cash flows of the core performing businesses,
transferred simultaneously to NewCo with the bond debt
► Enhanced rating prospect: S&P announced initial preliminary rating
expected in line with AREVA SA, with upside potential as soon as the
capital increase would be completed
(1) Subject to approval by the European Commission and success of current discussions with several potential third-parties
Strategy update and bondholder solicitation | August 30, 2016 | p.17
UPDATE ON NEWCO’S PERFORMANCE
Strategy update and bondholder solicitation | August 30, 2016 | p.18
► Strong position on the fuel cycle, anchored in proven technologies and backed by
innovation capabilities
► International presence with solid partnerships, to be a leading player in the nuclear
industry’s development, particularly in Asia
► Operating resilience, with a backlog representing the equivalent of 8 years of revenue
► Improved profitability through an ambitious performance plan and by refocusing on
comprehensive, well-managed operations
ratio of EBITDA to revenue of 22% to 25%(1)
ratio of EBIT to revenue of more than 8%(1)
► Strengthened cash generation thanks to a renewed industrial base and plants
capable of operating on a very large scale
NewCo: focused on the fuel cycle,ready to capture market opportunities
targeted in 2020
(1) Guidance presented on June 15th 2016 in the Market Update, adjusted considering the depressed front-end markets
Strategy update and bondholder solicitation | August 30, 2016 | p.19
2015 revenue by business(1)
NewCo : a business profile well balanced
Mining
Front End
35% (37% at June 30, 2016)
26%(20% at June 30, 2016)
Back End
38%(43% at June 30, 2016)
Backlog by business at the end of June 2016 (€Bn)
Mining
Front End
Back End
9.4
11.5
11.6
32.8(1)
Total
backlog:
(1) Including the Corporate activities
Strategy update and bondholder solicitation | August 30, 2016 | p.20
Set to continue delivering on performance plan
272
Achieved
2015(1)
456
332
70
54421
268
62
91
405
251
58
96
+€51m
03.16
103
12.15(1)
210
79NewCo
Objective
2018
1,000
50%
50%
In place
Secured
Identified
2016 2017
€500 m
New savings identified to meet the cost reduction objective
of €500m for NewCo
661
315
124
222547
251
103
193
509
236
89
184
+152m
(1) Data as of December 31, 2015 adjusted from the cycle engineering, transferred from AREVA NP to NewCo
06.1603.1612.15(1) 06.16
Subsidiaries
held for sale
(AREVA NP, …)+ 13%
+ 30%
Strategy update and bondholder solicitation | August 30, 2016 | p.21
+7pts.
H1 2016
29.2%
2015
28.8%
H1 2015
22.2%
1 9301 833
4 175
+5,3%
H1 20162015H1 2015
Revenue (in €m)
NewCo: Key figures as of H1 2016Improvement of performance, except for the OCF
(unfavorable WCR variation)
EBITDA(in % of revenue)
Operating income(in €m)
191
- 411
+137m
H1 20162015H1 2015
54
388
704
-318m
H1 2016
70
2015H1 2015
Operating cash flow(in €m)
Strategy update and bondholder solicitation | August 30, 2016 | p.22
25%
36%
Mining (in % of revenue)
Perspectives of NewCo EBITDA margin highlighting solid and balanced profitability across all businesses(1)
Front-End(in % of revenue)
Back-End(in % of revenue)
NewCo(in % of revenue)
20%
29%22% to 25%
Average c. 20%
15%
20%
> 15%
2020
Average c. 40%
2015
42%
2014
35%
2017 2018 2019
202020152014 2017 2018 2019
202020152014 2017 2018 2019
202020152014
(1) Guidance presented on June 15th 2016 in the Market Update, adjusted considering the depressed front-end markets
Strategy update and bondholder solicitation | August 30, 2016 | p.23
Sensitivity of NewCo’s cash generation to key assumptions
► EUR / USD exchange rate: sensitivity cushioned by currency hedges
2017-2019 period: +/- 10 cents impacts the financial trajectory by +/- €40 m
2020-2025 period: +/- 10 cents impacts the financial trajectory by +/- €220 m
► Natural uranium price: sensitivity cushioned by the backlog
2017-2019 period: +/- 5 USD / lb. impacts the financial trajectory by +/- €20 m
2020-2025 period: +/- 5 USD / lb. impacts the financial trajectory by +/- €220 m
► SWU price: sensitivity cushioned by the backlog
2017-2019 period: +/- 5 USD / SWU impacts the financial trajectory by +/- €20 m
2020-2025 period: +/- 5 USD / SWU impacts the financial trajectory by +/- €90 m
Economic
assumptions
that could
impact net cash
flow from
company
operations
Specific
strategic
assumptions
that could
impact net cash
flow from
company
operations
► Export business in the Back End: projects in Asia, signature of new contracts
► End-of-lifecycle obligations: sensitivity to interest rates, regulations, advances in
technology
► Installed base safety: strengthening of safety measures by all industry players,
reputation risks
► Successful legal and financial restructuring
► Asset sale prices
► Country risk
Strategy update and bondholder solicitation | August 30, 2016 | p.24
► Entity benefiting from an Investment Grade business model thanks to
A refocus on healthy and resilient businesses
Strong market positions and backlog
Good profitability even after restructuring costs and contingencies
► A sound financial profile reflecting
Predictable earnings and cash flow from long term contracts
Positive free cash flow position
A deleveraged balance sheet
► Continued long term support of the French state remains accretive to
NewCo’s credit profile and rating
NewCo intends to return to capital markets for financing in the mid term
Strategy update and bondholder solicitation | August 30, 2016 | p.25
BONDHOLDERS’ CONSENT SOLICITATION
Strategy update and bondholder solicitation | August 30, 2016 | p.26
750
200
750
500
750
68
800
975
202320222021 2024
1,000
20202019201820172016
Post 2016 bonds to be transferred to NewCo
(*) Private Placement, (**) JPY 8bn Private Placement, consent will be solicited on a bilateral basis (JPY/EUR: 0.0084)
Outstanding amount
(in €m)
FR0011125442 FR0011566280** FR0010817452 FR0011560986 FR0010941690 FR0011227339* FR0011791391 FR0010804500ISIN code
Strategy update and bondholder solicitation | August 30, 2016 | p.27
Bondholders consent solicitation
► Approve the Partial Asset Contribution and the transfer of post-2016
bonds to NewCo
► Add a temporary guarantee from AREVA SA to the holders of the
bonds being transferred to NewCo: the guarantee will remain in place until
after a capital increase of €3bn is completed at the level of NewCo
► Add a reporting requirement to the T&Cs of the bonds, ensuring that
NewCo will continue to publish consolidated financial reports semi-
annually (as long as transferred bonds are outstanding)
Strategy update and bondholder solicitation | August 30, 2016 | p.28
Bondholders to benefit from irrevocable joint and several guarantee until completion of NewCo capital increase(4)
AREVA SA NewCo
Subsidiaries held for sale
AREVA NP :OL3 project(1) and certain contracts
Share of cash
Fuel business cycle
Bond Debt(3)
Temporary
Parent
Guarantee
FOCUS ON
TEMPORARY
GUARANTEE
(1) AREVA NP will ensure the completion of the OL3 project,
with personnel continuing to be fully mobilized, in compliance
with contractual obligations
Other financial debtBank debt(bilateral, RCF & bridge loan(2))
(2) Bridge loan currently undrawn
(4) Subject to approval by the European
Commission and success of current discussions
with several potential third-parties
(3) Excluding 2016 bond, which will mature before the assets
and debt transfer is completed
NewCo shares
Other assets and liabilities
Share of cash
Strategy update and bondholder solicitation | August 30, 2016 | p.29
► To ensure that existing bonds continue to be backed by all of
AREVA Group’s assets, including those that remain at AREVA SA,
until completion of NewCo’s capital increase(1)
Temporary parent guarantee
Purpose
Form of the
guarantee
Conditionality
Expiration
► Irrevocable joint and several guarantee (“cautionnement solidaire”)
to the benefits of the holders of each series of bonds (i.e. a guarantee
for each series), as if AREVA SA remained the issuer of the bonds
► The temporary guarantee will become effective as of the
implementation of the Partial Asset Contribution, subject to
receiving the relevant consents by bondholders and the Extraordinary
general meeting (EGM) approval and the completion of the condition
precedents set out in the contribution documentation
► The temporary guarantee will expire following the completion of
the planned capital increase at NewCo for an amount of €3bn
FOCUS ON
TEMPORARY
GUARANTEE
(1) Subject to approval by the European Commission and success of current discussions with several potential third-parties
Strategy update and bondholder solicitation | August 30, 2016 | p.30
Payment of Consent Fee
► If the proposal is accepted by all series of bonds, AREVA will pay a
consent fee of 0.25 per cent on the notional amount of each bond(1)
► The payment date is expected to be on the 3rd business day after
approval by the EGM scheduled for November 3rd, 2016
► The fee will be paid to holders as of the applicable Account Holder
Certification deadlines (14th or 19th September), in line with the
Consent Solicitation Memorandum (the “CSM”)
(1) AREVA retains the right to withdraw the proposal at any time
Strategy update and bondholder solicitation | August 30, 2016 | p.31
Practical details (1/2)
Bondholders meetings(1):
► Date: September 19, 2016 on 1st consultation
► Time: from 9:00 a.m. (Paris Time) until 12:00 p.m. (noon - Paris Time)
► Location: Allen & Overy LLP – 52, Avenue Hoche 75008, Paris, France
Quorum and Majority:
► For each bond series, quorum is 20% of outstanding amount at the first
meeting (any amount at adjourned meeting)
► A majority of 2/3 of the votes cast at the meeting is required to approve
the resolutions
(1) Not applicable to the 2018 Private Placement
Strategy update and bondholder solicitation | August 30, 2016 | p.32
Physical Vote
By Proxy
By
Correspondence
Practical details (2/2) How to vote:
Provide an account holder certificate dated no later than:
► March 2022 notes only: 19 September 2016
► All other bond series: 12:00 a.m. (midnight - Paris time) on 14 September 2016
Provide valid voting documents to the centralising agent no later than:
► By post or by email: 16 September 2016 (being the final reception date)
Provide valid voting documents to the centralising agent no later than:
► By post or by email: 16 September 2016 (being the final reception date)
Voting Documents may be obtained from the Centralising Agent:
BNP PARIBAS Securities Services
Les Grands Moulins de Pantin
9, rue du Débarcadère 93500 Pantin, France
Email: PARIS_BP2S_CTS_GENERAL_MEETING@bnpparibas.com
Fax: +33 140 14 58 90
Strategy update and bondholder solicitation | August 30, 2016 | p.33
Key dates
(1) Subject to all conditions being satisfied or waived
30th 2nd
Webcast &
investor
presentation
NOVEMBER
Consent fee
payment date(1)
16th
Voting Deadlines
(post and email)
19th
1st Bondholders
meetings
SEPTEMBER
22nd
Results announced,
or, if no quorum, launch
of the 2nd meetings (i.e.
notice sent to
bondholders)
3rd
EGM to
approve Partial
Asset
Contribution
8th
AUGUST
Launch
of consent
(i.e. notice
published)
OCTOBER
7th
2nd Bondholders
meetings
Strategy update and bondholder solicitation | August 30, 2016 | p.34
For more information
► Holders of the bonds should refer to the Consent Solicitation Memorandum
dated 30 August 2016 (the “CSM”), available from the centralizing agent, for
the full terms and conditions and applicable restrictions of the Consent
Solicitation
► Any questions on the Consent Solicitation can be directed to:
AREVA IR contact :
Manuel Lachaux (manuel.lachaux@areva.com / +33 134 96 11 53)
The Solicitation Agents :
BANCO SANTANDER, S.A. (tommaso.grospietro@santandergcb.com /
+44 207 756 6909 )
CA-CIB (liability.management@ca-cib.com / +44 207 214 5733)
HSBC liaibility.management@hsbcib.com / +44 207 992 6237)
► Questions on procedures to submit votes should be directed to the Centralizing
Agent
Email : PARIS_BP2S_CTS_GENERAL_MEETING@bnpparibas.com
Fax : +33 140 14 58 90
Strategy update and bondholder solicitation | August 30, 2016 | p.35
Conclusion
► Split of the AREVA Group in 2 entities configured to meet their
commitments
► NewCo, focused on the nuclear business cycle, would take
advantage of any anticipated market recovery and would generate
substantial cash-flows
► We rely on the support of our bondholding partners to accompany
the group reorganisation and ensure its recovery
Strategy update and bondholder solicitation | August 30, 2016 | p.36
APPENDIX
Strategy update and bondholder solicitation | August 30, 2016 | p.37
List of all legal & marketing documents available to investors(1)
Documents available to investors
(1) Not applicable to the 2018 Private Placement
► Marketing:
Press release
Market Update presentation
► Legal:
Consent solicitation Memorandum containing
inter alia the letter of the Directeur Général of
AREVA, the asset transfer agreement, the
temporary guarantees and the resolutions
Notice for the 1st bondholders meetings
Voting documents obtained from the
centralizing agent
Result notice if quorum
DATE OF RELEASE
September 2, 2016
August 30, 2016
From September 2, 2016
As soon as reasonably practicable
after the meetings
August 30, 2016
August 30, 2016