v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT NOTE 11 - DEBT
11.1 Analysis by nature
At March 31, 2026
At December
31, 2025
(in millions of U.S. dollars)
Nominal
Value in
Currency
Nominal
rate
Effective
rate
Face
Value
Debt
issuance
costs
Accrued
interest
Carrying
value
Carrying
value
Secured Pan-U.S. ABL (due 2029)
$50
Floating
4.96%
50
—
1
51
—
Senior Unsecured Notes
Issued June 2020 and due 2028
$325
5.625%
6.05%
325
(2)
5
328
323
Issued February 2021 and due 2029
$500
3.750%
4.05%
500
(3)
8
505
500
Issued June 2021 and due 2029
€300
3.125%
3.41%
345
(3)
3
345
355
Issued August 2024 and due 2032
$350
6.375%
6.77%
350
(5)
3
348
353
Issued August 2024 and due 2032
€300
5.375%
5.73%
345
(5)
2
342
354
Finance lease liabilities
30
—
—
30
32
Other loans
25
—
(1)
24
27
Total debt
1,970
(18)
21
1,973
1,944
Of which non-current
1,938
1,905
Of which current (A)
35
39
(A)Current portion of borrowings include mainly accrued interest and current portions of finance leases and other long-term loans relating
to the sale and leaseback of assets.
The fair values of Constellium SE Senior Notes issued in June 2020, February 2021, June 2021 and August 2024 were
99.7%, 95.5%, 96.7% and 101.3%, respectively, of the nominal value and amounted to $324 million, $478 million, $334
million and $704 million, respectively, at March 31, 2026, compared to $325 million, $483 million, $348 million, and $730
million, respectively, at December 31, 2025.
The €100 million French Inventory Facility remained undrawn at March 31, 2026.
The Group was in compliance with all applicable financial debt covenants at March 31, 2026 and December 31, 2025.