BUREAU VERITAS :successfully raises USD 355 million 10-year USPP

Bureau Veritas successfully raises USD 355 million 10-year USPP

Neuilly-sur-Seine, France, September 4, 2017 - Bureau Veritas successfully raises USD 355 million on the USPP market through a 10-year dual-issuance.

On September 1^st, 2017, the first USD 200 million tranche was issued by the Group's US subsidiary, Bureau Veritas Holdings, Inc.

The USD 155 million second tranche is issued by Bureau Veritas SA with a one-year delayed funding in July 2018.

This transaction illustrates the high confidence of investors in the Bureau Veritas model and in the quality of its credit profile.

Bureau Veritas is a repeat issuer on this market since 2008. With this issuance Bureau Veritas:

• seizes  attractive market conditions to refinance its USD debt at a 3.67% rate (with a 35bps premium to be added for 12 months deferral), equivalent to 1.68% in EUR fixed rate. Deferred USD155m component refinances a 6.7% fixed rate debt;
• lengthens the maturity of its debt from an average of 4.0 years to 5.1 years post operation;
• obtains a one-year delayed drawn tranche rarely achieved;
• expands its US investor base with 10 new investors.

Bank of America ML, Natwest Markets and Barclays were the agents of this transaction.