fourth prospectus supplement dated 19 march 2013 to the base

FOURTH PROSPECTUS SUPPLEMENT DATED 19 MARCH 2013 TO THE
BASE PROSPECTUS DATED 18 JUNE 2012
BANQUE PSA FINANCE
PEUGEOT FINANCE INTERNATIONAL N.V.
€14,000,000,000 Debt Issuance Programme
for the issue of Notes with a minimum maturity of one month
unconditionally and irrevocably guaranteed
in the case of Notes issued by Peugeot Finance International N.V., by
BANQUE PSA FINANCE
and, if so specified in the case of State Guaranteed BPF Notes (as defined below) issued
solely by Banque PSA Finance, by
THE REPUBLIC OF FRANCE
This fourth supplement (the "Fourth Prospectus Supplement") is supplemental to, and should
be read in conjunction with the Base Prospectus dated 18 June 2012 (the "Base Prospectus")
prepared in relation to the €14,000,000,000 Debt Issuance Programme established by Banque
PSA Finance ("BPF") and Peugeot Finance International N.V. ("PFI") as supplemented by a
first Prospectus Supplement dated 4 September 2012 (the "First Prospectus Supplement"), a
second Prospectus Supplement dated 29 October 2012 (the "Second Prospectus Supplement")
and a third Prospectus Supplement dated 15 November 2012 (the "Third Prospectus
Supplement"). The Base Prospectus as supplemented by the First Prospectus Supplement, the
Second Prospectus Supplement and the Third Prospectus Supplement constitutes a base
prospectus for the purposes of Directive 2003/71/EC (as amended by Directive 2010/73/EU)
(the "Prospectus Directive"). The Autorité des marchés financiers ("AMF") has granted visa
no. 12-273 on 18 June 2012 on the Base Prospectus, visa no. 12-426 on 4 September 2012 on
the First Prospectus Supplement, visa no. 12-525 on 29 October 2012 on the Second
Prospectus Supplement and visa no. 12-555 on 15 November 2012 on the Third Prospectus
Supplement.
Application has been made for approval of this Fourth Prospectus Supplement to the AMF in
its capacity as competent authority pursuant to Article 212-2 of its Règlement Général which
implements the Prospectus Directive.
This Fourth Prospectus Supplement constitutes a supplement to the Base Prospectus for the
purposes of Article 16 of the Prospectus Directive and has been prepared for the purposes of
taking into account (i) the application, if so specified in the relevant Final Terms, of an
unconditional and irrevocable first demand guarantee (garantie autonome à première
demande) by the Republic of France (in the form contained herein, the “State Guarantee”) to
new Series of Notes issued solely by BPF the terms of which comply with various criteria set
out in the State Guarantee and further described herein (“State Guaranteed BPF Notes”) and
(ii) certain recent developments relating to the Issuers and/or the BPF Group. As a result,
certain modifications to various sections of the Base Prospectus have been made as described
herein.
Save as disclosed in this Fourth Prospectus Supplement, there has been no other significant
new factor, material mistake or inaccuracy relating to information included in the Base
Prospectus as supplemented by the First Prospectus Supplement, the Second Prospectus
Supplement and the Third Prospectus Supplement which is material in the context of the
Programme since the publication of the Base Prospectus as supplemented by the First
Prospectus Supplement, the Second Prospectus Supplement and the Third Prospectus
Supplement.
Unless the context otherwise requires, terms defined in the Base Prospectus, the First
Prospectus Supplement, the Second Prospectus Supplement and the Third Prospectus
Supplement shall have the same meaning when used in this Fourth Prospectus Supplement.
To the extent that there is any inconsistency between (a) any statement in this Fourth
Prospectus Supplement and (b) any other statement in or incorporated by reference in the
Base Prospectus as supplemented by the First Prospectus Supplement, the Second Prospectus
Supplement and the Third Prospectus Supplement, the statement in (a) above will prevail.
Copies of this Fourth Prospectus Supplement (a) may be obtained, free of charge, at the
registered office of the Issuer during normal business hours, (b) will be available on the
website of the Issuer (www.banquepsafinance.com), (c) will be available on the website of
the AMF (www.amf-france.org) and (d) will be available during usual business hours on any
weekdays (Saturdays, Sundays and public holidays excepted) for collection at the offices of
the Fiscal Agent and the Paying Agent(s) so long as any of the Notes are outstanding.
This Fourth Prospectus Supplement has been prepared pursuant to Article 16.1 of the
Prospectus Directive and Article 212-25 of the AMF’s Règlement Général for the purpose of
giving information with regard to the Issuer and the Notes to be issued under the Programme
additional to the information already contained or incorporated by reference in the Base
Prospectus as supplemented by the First Prospectus Supplement, the Second Prospectus
Supplement and the Third Prospectus Supplement.
2
TABLE OF CONTENTS
COVER PAGE OF THE BASE PROSPECTUS.......................................................................4
SUMMARY...............................................................................................................................6
RESUME EN FRANCAIS ........................................................................................................9
RISK FACTORS .....................................................................................................................13
GENERAL DESCRIPTION OF THE PROGRAMME AND THE NOTES..........................16
DOCUMENTS INCORPORATED BY REFERENCE ..........................................................23
TERMS AND CONDITIONS OF THE NOTES ....................................................................25
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM
..................................................................................................................................................30
THE STATE GUARANTEE...................................................................................................31
RECENT DEVELOPMENTS .................................................................................................61
TAXATION.............................................................................................................................73
SUBSCRIPTION AND SALE ................................................................................................75
FORM OF FINAL TERMS .....................................................................................................76
GENERAL INFORMATION..................................................................................................77
PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THIS FOURTH
PROSPECTUS SUPPLEMENT..............................................................................................78
3
COVER PAGE OF THE BASE PROSPECTUS
The title and the first paragraph on page 1 of the Base Prospectus are deleted and replaced by
the following:
"
BANQUE PSA FINANCE
PEUGEOT FINANCE INTERNATIONAL N.V.
€14,000,000,000
Debt Issuance Programme for the issue of Notes with a minimum maturity of one month
unconditionally and irrevocably guaranteed
in the case of Notes issued by Peugeot Finance International N.V., by
BANQUE PSA FINANCE
and, if so specified in the case of State Guaranteed BPF Notes(as defined below) issued solely
by Banque PSA Finance, by
THE REPUBLIC OF FRANCE
Under this Euro 14,000,000,000 Debt Issuance Programme (the "Programme") Banque PSA
Finance ("BPF" or, in its capacity as issuer, an "Issuer") and Peugeot Finance International
N.V. ("PFI" or an "Issuer") (together with BPF in its capacity as an Issuer, the "Issuers") may
from time to time issue Notes (the "Notes") denominated in any currency (which expression
shall include any currency units) agreed upon by the relevant Issuer and the relevant
Dealer(s) (as defined below).
The Notes will have a minimum maturity of one month or (in any case) such other minimum
or (if any) maximum maturity as may be allowed or required from time to time by the
relevant central bank or equivalent body (however called) or any laws or regulations
applicable to the specified currency and, subject as set out herein, the maximum aggregate
nominal amount of all Notes from time to time outstanding will not exceed Euro
14,000,000,000 (or its equivalent in other currencies).
Notes issued by PFI will be unconditionally and irrevocably guaranteed by BPF pursuant to
the Deed of Covenant and Guarantee (as defined herein) (the "BPF Guarantee").
If so specified in the relevant Final Terms, certain Notes issued by BPF will be
unconditionally and irrevocably guaranteed on a first demand basis (garantie autonome à
première demande) by the Republic of France (in the form contained herein, the “ State
Guarantee”) subject to various criteria set out in the State Guarantee and further described
herein. The State Guarantee can apply only as from 11 February 2013 and may apply not just
to Notes issued under the Programme but also to other debt securities issued by BPF. See the
section entitled “State Guarantee” herein.
The BPF Guarantee and the State Guarantee are together referred to as the "Guarantees" and
"Guarantor" means, in the case of Notes issued by PFI, BPF, and, in the case of those Notes
issued by BPF and benefitting from the State Guarantee (“State Guaranteed BPF Notes”), the
Republic of France (together with BPF, the "Guarantors"). For the avoidance of doubt, BPF
may issue Notes which do not benefit from the State Guarantee. For the further avoidance of
doubt, Notes issued by BPF prior to 19 March 2013 (being the date of the visa no 13-076
4
granted by the AMF to the Fourth Prospectus Supplement dated 19 March 2013 to this Base
Prospectus) and Notes issued by PFI and guaranteed by BPF do not, and will not, benefit
from the State Guarantee."
The fourth paragraph on page 2 of the Base Prospectus is deleted and replaced by the
following:
"No person has been authorised to give any information or to make any representation not
contained in or not consistent with this Base Prospectus or any other information supplied by
BPF or PFI in connection with the Notes or the Guarantees and, if given or made, such
information or representation must not be relied upon as having been authorised by BPF or
PFI or any of the Dealers. Neither the delivery of this Base Prospectus nor any sale made in
connection herewith shall, under any circumstances, create any implication that there has
been no change in the affairs of BPF or PFI since the date hereof or the date upon which this
Base Prospectus has been most recently amended or supplemented or that there has been no
adverse change in the financial position of BPF or PFI since the date hereof or the date upon
which this Base Prospectus has been most recently amended or supplemented or that any
other information supplied in connection with the Programme is correct as of any time
subsequent to the date on which it is supplied or, if different, the date indicated in the
document containing the same."
The eighth paragraph on page 2 of the Base Prospectus is deleted and replaced by the
following:
"The Notes and the Guarantees have not been and will not be registered under the United
States Securities Act of 1933, as amended (“Securities Act”) or with any securities regulatory
authority of any state or other jurisdiction of the United States, and the Notes may include
Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain
exceptions, the Notes may not be offered or sold or, in the case of Notes in bearer form,
delivered within the United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the Securities Act)."
The following paragraph shall be added immediately after the last paragraph on page 3 of the
Base Prospectus:
“The Republic of France has neither reviewed this Base Prospectus (or any Supplement
thereto) nor verified the information contained or incorporated by reference therein
and makes no representation with respect to, or accepts any responsibility for, the
contents of this Base Prospectus (or any such Supplement) or any other statement made
or purported to be made on its behalf in connection with any Issuer and/or the BPF
Group or the issue and offering of any Notes. The Republic of France accordingly
disclaims all and any liability, whether arising in tort or contract or otherwise, which it
might otherwise have in respect of this Base Prospectus or any such Supplement or
statement.”
5
SUMMARY
The following section will be added beneath the Issuer section on page 5 of the "Summary"
section of the Base Prospectus:
"Guarantor:
In respect of State Guaranteed BPF Notes , the Republic of France as
more fully described in Condition 3 under the "Terms and Conditions
of the Notes".
State Guarantee:
If so specified in the relevant Final Terms, Notes issued by BPF will
be unconditionally and irrevocably guaranteed on a first demand
basis (garantie autonome à première demande) by the Republic of
France pursuant to the provisions, and subject to the criteria, of the
State Guarantee as they apply to debt securities of BPF. These criteria
include, inter alia, that debt securities issued by BPF (including any
new Series of Notes) shall be unsecured and unsubordinated,
denominated in Euros, issued solely by BPF during the period
commencing on 11 February 2013 until 11 August 2013 (inclusive)
and have a maximum maturity of 36 months from the date of issue of
such Notes. The maximum aggregate amount of all debt securities of
BPF (including State Guaranteed BPF Notes issued by BPF under the
Programme) which may be guaranteed pursuant to the State
Guarantee is €1,200,000,000 in aggregate principal amount
(including capitalised interest if any) and the maximum aggregate
amount payable from time to time by the Republic of France under
the State Guarantee in respect of all debt securities of BPF (including
State Guaranteed BPF Notes issued by BPF under the Programme)
(including all amounts principal and interest, whether or not
capitalised, thereon and all expenses and accessory costs relating
thereto) is €1,250,000,000. If applicable, any additional amounts
payable in the event of any withholding or deduction on payments on
any such State Guaranteed BPF Notes pursuant to Condition 8(b) of
the Notes or otherwise in relation to any other debt securities
benefitting from the State Guarantee will also be included in such
maximum aggregate amount payable."
The "Taxation" section on page 10 of the "Summary" section of the Base Prospectus shall be
replaced with the following:
Taxation:
Payments of principal and interest and other revenues in respect of the
Notes issued by the relevant Issuer shall be made free and clear of,
and without withholding or deduction for, any taxes, duties,
assessments or governmental charges of whatever nature imposed,
levied or collected, withheld or assessed by or within the country of
residence of the relevant Issuer or any authority therein or thereof
having power to tax, unless such withholding or deduction is required
by law in which the relevant Issuer will be required to the fullest
extent permitted by applicable law and subject to certain exceptions to
gross-up such payments.
6
The "Governing Law" section on page 10 of the "Summary" section of the Base Prospectus
shall be replaced with the following:
Governing Law:
The Notes (other than the provisions of Condition 3(b) relating to
Subordinated Notes which are governed by French Law) and the BPF
Guarantee will be governed by, and construed in accordance with,
English law. The State Guarantee will be governed by French law.
The following section will be added beneath the “Risk Factors relating to the Notes” section
on page 11 of the "Summary" section in the Base Prospectus:
"Risk Factors
relating to the State
Guarantee:
The following are certain risk factors relating to the application of the
State Guarantee:

the application of the State Guarantee depends on the
satisfaction of certain conditions including in relation to the
currency, maturity and date of issue;

the maximum aggregate principal amount of all debt securities
issued by BPF (including Notes) which may be guaranteed
under the State Guarantee is capped at €1,200,000,000;

the maximum aggregate amount (whether principal, interest or
other) which is payable under the State Guarantee is capped at
€1,250,000,000;

the State Guarantee is not specific to the Programme, does not
automatically apply and is capped. Accordingly, the State
Guarantee will not apply to all Notes that can potentially be
issued under the Programme. Each application of the State
Guarantee to any Series of Notes must be approved in writing
prior to issue by the Directeur Général du Trésor;

claims under the State Guarantee must be made not later than
45 Business Days following the maturity date of the State
Guaranteed BPF Notes and in any event not later than
30 November 2016 to be valid;

the approval by the EU Commission of the State Guarantee
has been granted on a temporary basis only pending further
examination of the PSA restructuring plan and the decision
relating thereto has not yet been published although the EU
Commission has confirmed in writing that any potential
negative decisions on the restructuring plan would not affect
the validity of the State Guarantee applicable to any State
Guaranteed BPF Notes issued prior to the date of any negative
decision.

the decision relating to the State Guarantee may also be
modified, repealed, withdrawn, suspended or annulled by the
EU Commission for various reasons including the possibility
that the decision has been taken on the basis of information
supplied by a Member State of the EU which proves to be
7
incorrect and a determining factor for such decision or that the
relevant aid will be used in contravention of any conditions
applying to the application of such aid and the validity of any
European Commission decision relating to the approval of
state aid may be open to challenge on various grounds by
other member States or interested parties. If any such action
by the EU Commission were taken or if any such challenge
were to arise and were to be successful, then it may have a
material adverse effect on the validity of the State Guarantee
including in respect of any outstanding Series of Notes issued
purportedly with the benefit of the State Guarantee;

the State Guarantee may expire or be terminated in certain
circumstances in accordance with its terms although such
expiration or termination will not affect the application of the
State Guarantee validly granted to any issue of State
Guaranteed BPF Notes prior thereto;

the Republic of France is not required to gross up any
payments under the State Guarantee which have been the
subject of any withholding or deduction for tax;

the French language version of the State Guarantee will
prevail in the event of any inconsistency with the Englishlanguage convenience translation thereof;

the assets and properties of the Republic of France cannot be
subject to attachment or execution in France.
The third and fourth paragraphs of the “Ratings” section on page 11 of the "Summary"
section of the Base Prospectus shall be replaced with the following:
"On 19 February 2013, Moody’s Investors Service ("Moody's") has placed under review for
downgrade the Baa3 long-term debt rating and the P-3 short-term debt rating of BPF and PFI.
On 12 March 2013, Moody’s assigned an Aa1 rating to the Programme, in respect of State
Guaranted BPF Notes issued in an amount of up to Euro 1,200,000,000. Moody's is a credit
rating agency established in the European Union and registered under Regulation (EC) No
1060/2009 as amended, and included in the list of registered credit rating agencies published
on the website of the European Securities and Markets Authority (www.esma.europa.eu).
On 14 February 2013, Standard & Poor's Ratings Services a division of the McGraw-Hill
Companies, Inc. ("S&P"), has lowered the BPF and PFI long-term debt rating from BBB- to
BB+ and the short-term debt rating from A-3 to B. S&P is a credit rating agency established
in the European Union and registered under Regulation (EC) No 1060/2009 as amended, and
included in the list of registered credit rating agencies published on the website of the
European Securities and Markets Authority (www.esma.europa.eu)."
8
RESUME EN FRANCAIS
The following section will be added beneath the Emetteur section on page 12 of the "Résumé
en français" section of the Base Prospectus:
"Garant :
En ce qui concerne les Titres de BPF Bénéficiant de la Garantie de
l'Etat, la République française, tel que plus amplement décrit à la
Condition 3 des "Modalités des Titres".
Garantie de l’Etat :
Lorsque cela est indiqué dans les Conditions Définitives, les Titres
émis par BPF seront garantis à première demande de manière
inconditionnelle et irrévocable par la République française
conformément aux modalités et aux conditions et sous réserve des
critères décrits ci-après de la Garantie de l’Etat applicables à tous les
titres de créance de BPF. Ces critères prévoient entre autre que tous
les titres de créance de BPF (y compris toute nouvelle Souche de
Titres) sera chirographaire, libellée en euros émis uniquement par
BPF entre le 11 février 2013 et le 11 août 2013 et ayant une échéance
de 36 mois au maximum à compter de la date d'émission des Titres.
Le montant total maximal en principal de tous les titres de créance de
BPF (y compris les Titres de BPF Bénéficiant de la Garantie de l’Etat
émis par BPF dans le cadre du Programme) pouvant bénéficier de la
Garantie de l’Etat est de € 1.200.000.000 en principal (incluant, le cas
échéant, les intérêts capitalisés). Le montant maximal total susceptible
d’être versé par la République de France au titre de la Garantie de
l’Etat octroyée pour tous les titres de créance de BPF (y compris les
Titres de BPF Bénéficiant de la Garantie de l’Etat émis par BPF dans
le cadre du Programme) (incluant tous les montants en principal et les
intérêts, capitalisés ou non, et tous les frais et dépenses accessoires y
afférant) est de € 1.250.000.000. Le cas échéant, tout montant
additionnel dû en cas de retenues ou déductions sur les paiements en
application de la Condition 8 (b) relative aux Titres de BPF
Bénéficiant de la Garantie de l’Etat, ou relative à tout autre titre de
créance bénéficiant de la Garantie de l’Etat, sera également inclus
dans ce montant total maximal."
The "Taxation" section on page 17 of the "Résumé en français" section of the Base
Prospectus shall be replaced with the following:
"Fiscalité :
Les paiements des intérêts et autres revenus concernant les Titres émis
par l’Emetteur concerné doivent être réalisés sans et nets de toute
retenue à la source ou déduction, au titre de toutes taxes,
prélèvements, impôts, redevances ou toutes charges ou retenues de
nature similaire, imposés ou collectés par ou pour le compte du pays
de residence de l’Emetteur concerné ou de toute autorité dudit pays
ayant le pouvoir de lever l’impôt, à moins que la retenue à la source
ou le prélèvement de ces impôts ne soit exigé par la loi. Si une telle
retenue ou déduction doit être effectuée, l’Emetteur concerné sera
tenu de majorer ses paiements dans la mesure autorisée par la loi et
sous réserve de certaines limitations."
9
The "Droit applicable" section on page 18 of the "Résumé en français" section of the Base
Prospectus shall be replaced with the following:
"Droit applicable :
Les Titres (sauf les dispositions de la Condition 3 (b) relative aux
Titres Subordonnés qui sont régis par le Droit Français) et la Garantie
BPF seront régis et interprétés conformément au droit Anglais. La
Garantie de l’Etat sera régie par le droit Français."
The following section will be added beneath the “Risk Factors relating to the Notes” section
on page 19 of the " Résumé en français " section in the Base Prospectus:
"Facteurs de risque Sont énumérés ci-dessous certains facteurs de risque liés à la mise en
liés à la Garantie de œuvre de la Garantie de l’Etat:
l’Etat:

la mise en œuvre et l’exécution de la Garantie de l’Etat sont
soumises à l’accomplissement de certaines conditions,
notamment relatives à la devise, à la date d’échéance ou à la
date d’émission des Titres;

le montant total maximal en principal de tous les titres de
créance de BPF (y compris les Titres) garanti en application de
la Garantie de l’Etat est limité à € 1.200.000.000;

le montant maximal total (que ce soit en principal, intérêt ou
autre) susceptible d’être versé par la République de France en
application de la Garantie de l’Etat est limité à
€ 1.250.000.000;

la Garantie de l’Etat n’est pas prévue exclusivement pour le
Programme, n’est pas octroyée d’une manière automatique et
son montant est limité. Dès lors, elle ne bénéficiera pas à tous
les Titres pouvant être émis dans le cadre du Programme.
L’octroi de la Garantie de l’Etat à toute Souche de Titres doit
être approuvée préalablement par écrit par le Directeur
Général du Trésor;

pour être recevable, toute demande faite au titre de la Garantie
de l’Etat doit être adressée au plus tard dans les 45 jours
ouvrés suivant la date d’échéance des Titres de BPF
Bénéficiant de la Garantie de l’Etat et, en toute hypothèse, au
plus tard le 30 novembre 2016;

la Commission Européenne a autorisé à titre temporaire la
Garantie de l’Etat accordée à PSA dans l’attente de l’examen
du plan de restructuration de PSA ; la décision y afférente n’a
pas encore été publiée bien que la Commission Européenne ait
confirmé par écrit que toute décision défavorable au plan de
restructuration n’aurait pas d’incidence sur la validité de la
Garantie de l’Etat applicable à tout Titre de BPF Bénéficiant
de la Garantie de l’Etat préalablement à la date de cette
décision;

la Commission Européenne pourrait également modifier,
10
abroger, retirer, suspendre l’exécution ou annuler la décision
relative à la Garantie de l’Etat pour diverses raisons parmi
lesquelles l’éventualité que la décision ait été prise sur le
fondement d’informations fournies par un Etat Membre de
l’Union Européenne qui s’avèreraient inexactes et qui auraient
été déterminantes dans la prise de cette décision ou que cette
aide d’Etat soit utilisée en violation des conditions régissant la
mise en œuvre d’une telle aide; en outre, les autres Etats
Membres de l’Union Européenne ou toute personne y ayant
intérêt pourrai(en)t contester, sur différents fondements, la
validité de la décision de la Commission Européenne portant
sur l’autorisation d’aide d’Etat. Si une telle décision était prise
par la Commission Européenne ou si une telle procédure
aboutissait, la validité de la Garantie de l’Etat pourrait en être
défavorablement affectée, y compris pour les Souches de
Titres en circulation prétendument émis avec le bénéfice de la
Garantie de l’Etat;

conformément aux modalités de la Garantie de l’Etat, celle-ci
peut arriver à échéance ou prendre fin en cas de survenance de
certains évènements, toutefois ces circonstances seront sans
incidence sur la mise en œuvre de la Garantie de l’Etat
valablement octroyée à toute émission de Titres de BPF
Bénéficiant de la Garantie de l’Etat préalable à la survenance
de ces circonstances;

les paiements dus au titre de la Garantie de l’Etat ne seront pas
majorés en raison de retenues à la source ou de déductions
fiscales applicables;

en cas de divergence entre la version française et la traduction
anglaise de la Garantie de l’Etat, la version française
prévaudra;

les biens et propriétés de la République de France ne peuvent
pas faire l’objet de procédures de saisie ni de mesures
d’exécution."
The third and fourth paragraphs of the “Notation” section on pages 18 and 19 of the "Résumé
en français" section of the Base Prospectus shall be replaced with the following:
"Le 19 février 2013, l’agence de notation Moody’s Investors Service ("Moody's") a placé
sous surveillance négative la notation de la dette long terme Baa3 et la notation de la dette
court terme P-3 de BPF et PFI. Le 12 mars 2013, Moody’s a attribué la notation Aa1 au
Programme, pour les Titres de BPF Bénéficiant de la Garantie de l’Etat émis à hauteur de
1.200.000.000 euros. Moody's est une agence de notation de crédit établie dans l'Union
Européenne et enregistrée conformément au Règlement (CE) No 1060/2009 tel que modifié,
et figurant sur les listes des agences de notation de crédit publiée sur le site internet de
l'Autorité Européenne des Marchés Financiers (www.esma.europa.eu).
11
Le 14 février 2013, Standard & Poor's Ratings Services, une filiale de McGraw-Hill
Companies Inc. ("S&P") a abaissé la notation de la dette long terme de BBB- à BB+ et la
notation de la dette court terme de A-3 à B. Standard & Poor's Ratings Services est une
agence de notation de crédit établie dans l'Union Européenne et enregistrée conformément au
Règlement (CE) No 1060/2009 tel que modifié, et figurant sur les listes des agences de
notation de crédit publiée sur le site internet de l'Autorité Européenne des Marchés Financiers
(www.esma.europa.eu)."
12
RISK FACTORS
The following section will be added beneath the "Risk Factors Relating to the Notes issued
by BPF and PFI" section on page 21 of the "Risk Factors" section of the Base Prospectus:
The State Guarantee
(a) Criteria for benefitting from and making claims under the State Guarantee:
The State Guarantee is not specific to the Programme, does not automatically apply and is
capped. Accordingly, it will not apply to all Notes that can potentially be issued under the
Programme.
In order for any new Series of Notes issued by BPF to benefit from the State Guarantee, such
Notes and their issue must comply with the following criteria:
(i)
the Notes must be unsecured and unsubordinated;
(ii)
the Notes must be denominated in Euros;
(iii) the Notes must be issued solely by BPF during the period commencing on
11 February 2013 until 11 August 2013 (inclusive);
(iv)
the maximum maturity of the Notes must be 36 months from the date of issue of the
Notes;
(v)
the relevant issue of Notes must have been formally accepted in writing by the
Directeur général du Trésor;
(vi)
The maximum aggregate amount of all debt securities of BPF (including State
Guaranteed BPF Notes issued by BPF under the Programme) which may be guaranteed
pursuant to the State Guarantee is €1,200,000,000 in aggregate principal amount (including
capitalised interest, if any) and the maximum aggregate amount payable under the State
Guarantee from time to time in respect of all debt securities of BPF (including State
Guaranteed BPF Notes issued by BPF under the Programme) (including all amounts of
principal and interest, whether or not capitalised, thereon and all expenses and accessory
costs relating thereto) is €1,250,000,000. If applicable, any additional amounts payable in the
event of any withholding or deduction on payments on any such Notes pursuant to
Condition 8(b) of the Notes or otherwise in relation to any other debt securities benefitting
from the State Guarantee will also be included in such maximum aggregate amount payable;
and
(vii) the terms and conditions of the Notes must specify whether the State Guarantee
applies to such Notes and investors are responsible for checking whether or not the Notes
they are being offered and/or are acquiring are intended to benefit from the State Guarantee.
Notes issued by BPF which do not bear the above characteristics and/or where the above
criteria have not been complied with, will not, and will not be, entitled to, benefit from the
State Guarantee.
13
Any demand for payment under the State Guarantee must be accompanied by the information
and documentation required by article 2.2.1 of, and the Appendix entitled “ Demand for
Payment” to, the State Guarantee and otherwise in accordance with the State Guarantee. Any
such demand for payment under such State Guaranteed BPF Notes must be made not later
than 45 Business Days following the maturity date of such State Guaranteed BPF Notes and
in any event not later than 30 November 2016 failing which claims under the State Guarantee
therefor shall no longer be valid.
Claims validly made under the State Guarantee will be paid at the latest on the fifth Business
Day (as defined in the State Guarantee as being any day (other than a Saturday or Sunday) on
which banks in Paris are open for business) following receipt by or on behalf of The Republic
of France of the relevant demand for payment.
Investors in such State Guaranteed BPF Notes are reminded that, while such State
Guaranteed BPF Notes are represented by a Global Note, any claims and/or demands for
payments under the State Guarantee must be exercised through, and in accordance with, the
standard procedures of Euroclear, Clearstream, Euroclear France and/or any other clearing
system through which such State Guaranteed BPF Notes are held and/or cleared. Accordingly,
holders of such State Guaranteed BPF Notes must, and are solely responsible for, notifying
and liaising with their financial intermediary and/or custodian in order to ensure that the
necessary steps are taken to validly exercise their rights under the State Guarantee in a timely
manner and, in particular, must notify any such financial intermediary and/or custodian
sufficiently in advance in order for any claim under the State Guarantee to be made in
accordance with its terms.
(b) EU Commission Approvals
The EU Commission in its Press Release dated 11 February 2013 announced that it had
adopted a decision, on the same day, approving the State Guarantee on a temporary basis in
respect of issues of securities on the capital markets up to a maximum of €1,200,000,000
issued within six months of the date of such decision.
The EU Commission has not yet published the text of the temporary decision itself and there
can be no assurance as to the actual date of such publication or the exact terms thereof.
The State Guarantee is itself expressed as having being granted on a temporary basis.
Any final decision of the EU Commission relating to the State Guarantee is subject to its
approval of the restructuring plan relating to the PSA Group and the continued viability of
BPF which is required to be submitted by the Republic of France. There can be no assurance
that the EU Commission will approve such restructuring plan and accordingly whether, or on
what terms, the EU Commission may make any final decision in relation to the State
Guarantee in the context of the state aid provided by the State Guarantee or whether it will
allow it to continue to be granted in the future. The European Commission has, however,
confirmed in writing that any potential negative decisions on the restructuring plan would not
affect the validity of the State Guarantee applicable to any Series of Notes issued by BPF
benefitting from the State Guarantee and issued prior to the date of any negative decision.
Any decision (whether temporary or final) by the EU Commission may be modified, repealed,
withdrawn, suspended or annulled. The grounds for any such modification, repeal,
withdrawal, suspension or annulment include the possibility that the decision has been taken
on the basis of information supplied by a Member State of the EU which proves to be
14
incorrect and a determining factor for such decision or that the relevant aid will be used in
contravention of any conditions applying to the application of such aid.
The decision may also be annulled, declared void or non-existent or be successfully appealed
by any member State of the EU or any other interested party.
If any such challenge were to arise and were to be successful, then it may having a material
adverse effect on the validity of the Guarantee including in respect of any outstanding Series
of Notes issued purportedly with the benefit of the State Guarantee.
(c) Expiration and Termination of the State Guarantee:
The State Guarantee will expire automatically on the date that the amount paid out thereunder
has reached the maximum aggregate amount which can be guaranteed thereunder and no
claim in respect of any such Notes may be validly made after such date. (See article 4.1.1 of
the State Guarantee).
The State Guarantee may also be terminated by the Republic of France in accordance with
the provisions of article 4.2 of the State Guarantee including in the case of any change of
control relating to BPF or certain other members of the BPF Group, including Peugeot SA
(“PSA”) or any failure by BPF or PSA to comply with any provisions of the State Guarantee
or of the protocol agreement entered into between PSA, BPF and The Republic of France
dated 5 March 2013 (the “Protocol”) or any claim made under the State Guarantee by either
any beneficiary of the State Guarantee or by the Banque de France pursuant to article 2.2.2 of
the State Guarantee. Any such expiration or termination of the State Guarantee shall not
affect any application of the State Guarantee validly granted to any issue of Notes by BPF
prior to such expiration or termination.
(d) Withholding tax and gross-up under the State Guarantee:
The State Guarantee does not impose any obligation on the Republic of France to pay
additional amounts in the event of any deduction or withholding for or on account of any
taxes or duties, present or future, in respect of any payments made under the State Guarantee.
(e) Governing Law and Jurisdiction and Language:
The State Guarantee is governed by the laws of the Republic of France and the Tribunal de
Grande Instance in Paris has exclusive jurisdiction to settle any disputes relating thereto.
While the Republic of France is not immune from jurisdiction before the French courts, its
assets and properties cannot be subject to any attachment or execution in the Republic of
France and the enforcement of any judgment against the Republic of France is subject to a
special procedure under the French Administrative Justice Code.
The French language text of the State Guarantee is set out elsewhere in the Base Prospectus
together with an English language convenience translation thereof. See the section entitled
“The State Guarantee”. The French language text is the only binding text and will prevail in
the event of any inconsistencies with the English-language text.
15
GENERAL DESCRIPTION OF THE PROGRAMME AND THE NOTES
The "Guarantor" section on page 32 of the "General Description of the Programme and the
"Notes" section of the Base Prospectus shall be replaced by the following:
"Guarantors:
Banque PSA Finance (in respect of Notes issued by Peugeot Finance
International N.V. only) and, if so specified in the relevant Final
Terms, the Republic of France (in respect of certain Notes issued
solely by Banque PSA Finance only)."
The "Guarantee" section and the "Nature and Scope of the Guarantee" section on pages 35
and 36 of the "General Description of the Programme and the Notes" section of the Base
Prospectus shall be replaced by the following:
" BPF Guarantee:
Nature and
Guarantee:
Scope
BPF has unconditionally and irrevocably
guaranteed the due payment of all sums expressed
to be payable by PFI under the Notes. Its
obligations in that respect are set out in Clause 4
of the Deed of Covenant and Guarantee dated 18
June 2012 (the "BPF Guarantee").
of
the
BPF As between BPF and the holders of the Notes, but
without affecting PFI's obligations, BPF will be
liable under the BPF Guarantee as if it were the
sole principal debtor and not merely a surety.
Accordingly, it will not be discharged, nor will its
liability be affected, by anything which would not
discharge it or affect its liability if it were the sole
principal debtor (including (1) any time,
indulgence, waiver or consent at any time given
to PFI or any other person, (2) any amendment to
any other provisions of the BPF Guarantee or to
the Conditions of the Notes or to any security or
other guarantee or indemnity, (3) the making or
absence of any demand on PFI or any other
person for payment, (4) the enforcement or
absence of enforcement of the BPF Guarantee, the
Notes or of any security or other guarantee or
indemnity, (5) the release of any such security,
guarantee or indemnity, (6) the dissolution,
amalgamation, reconstruction or reorganisation of
PFI or any other person or (7) the illegality,
invalidity or unenforceability of or any defect in
any provision of the BPF Guarantee, the Notes or
any of PFI's obligations under any of them).
BPF's obligations under the BPF Guarantee are
and will remain in full force and effect by way of
continuing security until the first date on which
no further Global Notes may be issued under the
Agency Agreement and complete performance of
the obligations contained in the Deed of Covenant
16
and Guarantee and in all Global Notes
outstanding from time to time occurs (the
"Termination
Date").
Furthermore,
those
obligations of BPF are additional to, and not
instead of, any security or other guarantee or
indemnity at any time existing in favour of any
person, whether from BPF or otherwise.
No right of BPF, by reason of performance of any
of its obligations under Clause 4 of the BPF
Guarantee, to be indemnified by PFI or to take the
benefit of or to enforce any security or other
guarantee or indemnity shall be exercised or
enforced prior to the Termination Date.
If any payment received by any holder of the
Notes pursuant to the provisions of Clause 4 of
the BPF Guarantee or the Notes is, on the
subsequent bankruptcy or insolvency of (or
similar event with respect to) PFI, avoided under
any laws relating to bankruptcy or insolvency or
similar laws, such payment will not be considered
as having discharged or diminished the liability of
BPF and the BPF Guarantee will continue to
apply as if such payment had at all times
remained owing by PFI.
As separate, independent and alternative
stipulations, BPF unconditionally and irrevocably
has agreed that any sum which, although
expressed to be payable by PFI in respect of the
PFI Notes or the Receipts or the Coupons relating
to them or under the BPF Guarantee in relation to
either of them is for any reason (whether or not
now existing and whether or not now known or
becoming known to PFI, BPF or any holder of the
Notes) not recoverable from BPF on the basis of a
guarantee will nevertheless be recoverable from it
as if it were the sole principal debtor and will be
paid by it to such holder of the Notes on demand;
and as a primary obligation to indemnify each
holder of the Notes against any loss suffered by it
as a result of any sum expressed to be payable by
PFI in respect of any Note or under the BPF
Guarantee in relation to either of them not being
paid by the time, on the date and otherwise in the
manner specified in the BPF Guarantee or in the
Conditions or any payment obligation of PFI in
respect of the Notes relating to them or under the
BPF Guarantee in relation to either of them being
or becoming void, voidable or unenforceable for
any reason (whether or not now existing and
17
whether or not now known or becoming known to
PFI, BPF or any holder of the Notes) the amount
of that loss being the amount expressed to be
payable by PFI in respect of the relevant sum.
State Guarantee
If so specified in the relevant Final Terms, Notes
issued by BPF will be unconditionally and
irrevocably guaranteed on a first demand basis by
the Republic of France as set out in the garantie
autonome à première demande dated 5 March
2013 (the "State Guarantee"), a copy of which is
included in elsewhere in this Base Prospectus. See
section entitled “The State Guarantee”. For the
avoidance of doubt, BPF may issue Notes which
do not, and are not intended to, benefit from the
State Guarantee. For the further avoidance of
doubt, Notes issued by PFI and guaranteed by
BPF do not, and will not, benefit from the State
Guarantee.
Nature and Scope of
the State Guarantee:
In order for any new Series of Notes issued by
BPF to benefit from the State Guarantee,such
Notes and their issue must comply with the
following criteria:
(i)
the Notes must
unsubordinated;
(ii)
the Notes must be denominated in Euros;
(iii)
the Notes must be issued solely by BPF
during the period commencing on
11 February 2013 until 11 August 2013
(inclusive);
(iv)
the maximum maturity of the Notes must
be 36 months from the date of issue of the
Notes;
(v)
the relevant issue of Notes must have been
formally accepted in writing by the
Directeur général du Trésor;
(vi)
The maximum aggregate amount of all
debt securities of BPF (including State
Guaranteed BPF Notes issued by BPF
under the Programme) which may be
guaranteed pursuant to the State Guarantee
is €1,200,000,000 in aggregate principal
amount (including capitalised interest if
any) and the aggregate maximum amount
payable under the State Guarantee from
time to time in respect of all debt securities
18
be
unsecured
and
of BPF (including State Guaranteed BPF
Notes issued by BPF under the
Programme) (including all amounts of
principal or interest, whether or not
capitalised, thereon and all expenses and
accessory costs relating thereto) is
€1,250,000,000.
If
applicable,
any
additional amounts payable in the event of
any withholding or deduction on payments
on any such State Guaranteed BPF Notes
pursuant to Condition 8(b) of the Notes or
otherwise in relation to any other debt
securities benefitting from the State
Guarantee will also be included in such
maximum aggregate amount payable ; and
(vii) the terms and conditions of any Series of
Notes must specify whether the State
Guarantee applies to such Notes and
investors are responsible for checking
whether or not the Notes they are being
offered and/or are acquiring are intended to
benefit from the State Guarantee.
Notes issued by BPF which do not bear the above
characteristics and/or where the above criteria
have not been complied with, will not, and will
not be entitled to, benefit from the State
Guarantee .
Any demand for payment by a beneficiary under
the State Guarantee must be accompanied by the
information and documentation required by
article 2.2.1 of, and the Appendix entitled “Form
of Demand for Payment” to, the State Guarantee
and otherwise in accordance with the State
Guarantee.
A demand can be made under the State Guarantee
either by:
(i)
19
the Banque de France, if the Issuer has not
paid a scheduled payment due under the
State Guaranteed BPF Notes into its
account with the Banque de France by
11a.m. two Business Days (as defined in
the State Guarantee) before the due date for
such payments. In such circumstances, the
Issuer must notify the Banque de France in
accordance with the State Guarantee by
11am two Business Days before the due
date for such payments that it cannot make
the scheduled payment due. Once the
Banque de France has received such
notification, and subject to certain
conditions being met, it will then make
such demand in writing in the form
annexed to the State Guarantee. Once a
demand is made by the Banque de France
under the State Guarantee, the Guarantor
must immediately make such payments in
the manner described in the State
Guarantee. It should be noted that the
Banque de France accepts no liability
towards the Republic of France, any
beneficiary of the State Guarantee or any
member of the PSA Group under the State
Guarantee; or
(ii)
each holder of State Guaranteed BPF
Notes, if the Issuer has failed to pay a
scheduled payment under such State
Guaranteed BPF Notes, no later than
45 Business Days following the maturity
date of the State Guaranteed BPF Notes
and in any event not later than
30 November 2016. In such circumstances,
a holder of Notes must make such demand
in writing in the form annexed to the State
Guarantee along with the necessary
documentation as further described in the
State Guarantee. Once a valid payment
demand is made by a holder of State
Guaranteed BPF Notes under the State
Guarantee, the Guarantor must make such
payment in the manner described in the
State Guarantee within 5 Business Days.
The State Guarantee may be terminated in certain
circumstances by the Republic of France in
accordance with the terms of the State Guarantee.
Such termination of the State Guarantee would
not affect any existing issues of Notes that validly
benefit from the State Guarantee.
The State Guarantee was notified by the Republic
of France to, and approved by, the EU
Commission as a form of state aid pursuant to
applicable EU law and regulations.
The EU Commission in its Press Release dated 11
February 2013, a copy of which is included in the
section entitled “The State Guarantee” below,
20
announced that it had approved by a decision of
the same day, the State Guarantee on a temporary
basis in respect of issues of securities on the
capital markets up to a maximum of
€1,200,000,000 issued within six months of the
date of such its decision.
The EU Commission has not yet published the
text of the temporary decision itself and there can
be no assurance as the actual date of such
publication or the exact terms thereof.
The State Guarantee is itself expressed as having
being granted on a temporary basis.
Any final decision of the EU Commission
relating to the State Guarantee is subject to its
approval of the restructuring plan relating to the
PSA Group and the continued viability of BPF
which is required to be submitted by the Republic
of Francethere can be no assurance that the EU
Commission will approve such restructuring plan
and accordingly whether, or on what terms, the
EU Commission may make any final decision in
relation the State Guarantee in the context of the
state aid provided by the State Guarantee or
whether it will allow it to continue to be granted
in the future. The European Commission has,
however, confirmed in writing that any potential
negative decision on the restructuring plan would
not affect the validity of the State Guarantee
applicable to any State Guaranteed BPF Notes
issued prior to the date of any such negative
decision.
See also the section entitled “Risk Factors-The
State Guarantee” above.
The "Status of the Guarantee" section on page 37 of the "General Description of the
Programme and the Notes" section of the Base Prospectus shall be replaced by the following:
"Status of the BPF Guarantee:
The BPF Guarantee constitutes (subject to
Condition 4) a direct, unconditional and
unsecured obligation of BPF and ranks and shall
at all times rank pari passu, without any
preference or priority by reason of date of issue,
currency of payment or otherwise, with all other
unsecured indebtedness or the unsecured
guarantee thereof (other than subordinated
obligations, if any) of BPF, whether outstanding
on the date of the BPF Guarantee or thereafter
(except for statutorily preferred exceptions)."
21
The "Governing Law" section on page 37 of the "General Description of the Programme and
the Notes" section of the Base Prospectus shall be replaced by the following:
"Governing Law:
The Notes (other than the provisions of Condition
3(b) relating to Subordinated Notes which are
governed by French law) and the BPF Guarantee
will be governed by, and construed in accordance
with, English law. The State Guarantee will be
governed by French law."
The third and fourth paragraphs of the “Ratings” section on page 37 of the "General
Description of the Programme and the Notes" section of the Base Prospectus shall be
replaced by the following:
On 19 February 2013, Moody’s Investors Service ("Moody's") has placed under review for
downgrade the Baa3 long-term debt rating and the P-3 short-term debt rating of BPF and PFI.
On 12 March 2013, Moody’s assigned an Aa1 rating to the Programme, in respect of State
Guaranted BPF Notes issued in an amount of up to Euro 1,200,000,000. Moody's is a credit
rating agency established in the European Union and registered under Regulation (EC) No
1060/2009 as amended, and included in the list of registered credit rating agencies published
on the website of the European Securities and Markets Authority (www.esma.europa.eu)."
On 14 February 2013, Standard & Poor's Ratings Services a division of the McGraw-Hill
Companies, Inc. ("S&P"), has lowered the BPF and PFI long-term debt rating from BBB- to
BB+ and the short-term debt rating from A-3 to B. S&P is a credit rating agency established
in the European Union and registered under Regulation (EC) No 1060/2009 as amended, and
included in the list of registered credit rating agencies published on the website of the
European Securities and Markets Authority (www.esma.europa.eu)."
22
DOCUMENTS INCORPORATED BY REFERENCE
The section Documents Incorporated by Reference appearing on pages 39 to 42 of the Base
Prospectus is hereby supplemented by the following:
In addition to what is already specified in the section Documents Incorporated by Reference
of the Base Prospectus, the Base Prospectus should be read and construed in conjunction with
the English version of the Banque PSA Finance 2012 Annual Report (“2012 AR”) prepared
in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the
European Union, the notes thereto and the auditors' report thereon, referred to in the table
below which have been previously published and which have been filed with the AMF as
competent authority in France for the purposes of the Prospectus Directive. Such documents
shall be incorporated in and form part of the Base Prospectus, save that any statement
contained in a document which is incorporated by reference herein shall be modified or
superseded for the purpose of the Base Prospectus to the extent that a statement contained
herein modifies or supersedes such earlier statement (whether expressly, by implication or
otherwise). Any statement so modified or superseded shall not, except as so modified or
superseded, constitute a part of the Base Prospectus.
In addition to what is already specified in the section Documents Incorporated by Reference
of the Base Prospectus, the information incorporated by reference above is available as
follows:
"Information Incorporated by Reference
Reference
Banque PSA Finance 2012 Consolidated
Financial Statements prepared in accordance
with IFRS as adopted by the European
Union together with notes thereto and
auditors' report thereon
Pages 59 to 108 of the Banque PSA Finance
2012 Annual Report (English version)"
Further, for the purposes of the Prospectus Directive, information can be found in such
document incorporated by reference in the Base Prospectus in accordance with the following
cross-reference tables:
"European Regulation n°809/2004 - Appendices VI and XI concerning Banque PSA
Finance
Information incorporated by reference
Reference
Risk Factors
pages 36 to 44 of the
Banque PSA Finance
2012 Annual Report
(English version)
Information about the Issuer
pages 4 to 6, 47 and
117 of the Banque PSA
Finance 2012 Annual
Report (English
version)
23
Business Overview
pages 8 to 26 and 35 of
the Banque PSA
Finance 2012 Annual
Report (English
version)
Organisational Structure
page 6 of the Banque
PSA Finance 2012
Annual Report (English
version)
Administrative, Management, and Supervisory Bodies
pages 48 to 57 of the
Banque PSA Finance
2012 Annual Report
(English version)
Major Shareholders
page 47"
"Banque PSA Finance: consolidated financial statements as at, and for the twelve
month period ended, 31 December 2012
Information incorporated by reference
Reference
Consolidated Balance sheet
page 60
Consolidated Statement of income
page 61
Consolidated statement of changes in equity attributable to equity page 62
holders of the parent and minority interests
Consolidated Cash flow statement
page 64
Notes
pages 65 to 108
Accounting policies
Note 2 pages 69 to 75
Statutory Auditors’ Report
pages 109 to 110"
The information incorporated by reference in the Base Prospectus but not listed in the cross
reference tables above is given for information purposes only. BPF will provide, without
charge, to each person to whom a copy of the Base Prospectus has been delivered, upon the
oral or written request of such person, a copy of any or all of the documents which are
incorporated herein by reference unless such documents have already been supplied to such
person. Written or oral requests for such documents should be directed to BPF at their
principal offices set out at the end of the Base Prospectus. In addition, such documents will
be available, without charge, from the principal office of the Agent.
24
TERMS AND CONDITIONS OF THE NOTES
(i)
The second paragraph on page 43 of the "Terms and Conditions of the Notes" section
of the Base Prospectus shall be replaced by the following:
"The Notes are issued pursuant to an amended and restated agency agreement dated
18 June 2012 between Peugeot Finance International N.V. ("PFI" or an "Issuer"),
Banque PSA Finance ("BPF" or, in its capacity as issuer, an "Issuer") (together with
PFI, the "Issuers"), The BNP Paribas Securities Services, Luxembourg Branch as
issuing and principal paying agent (the "Agent"), as transfer agent (together with any
additional or other transfer agents in respect of the Notes from time to time appointed,
the "Transfer Agents") and as registrar (the "Registrar") and BNP Paribas Securities
Services as paying agent (together with the Agent in its capacity as paying agent and
any additional or other paying agents in respect of the Notes appointed from time to
time, the "Paying Agents") and Transfer Agent (as amended and/or supplemented as
at the Issue Date, the "Agency Agreement") and with the benefit of an amended and
restated deed of covenant and guarantee dated 18 June 2012 (as amended and/or
supplemented as at the Issue Date, the "Deed of Covenant and Guarantee") executed
as a deed by each of BPF and PFI in relation to the Notes. Notes issued by PFI will be
unconditionally and irrevocably guaranteed by BPF pursuant to the Deed of Covenant
and Guarantee. If so specified by the relevant Final Terms, certain Notes issued by
BPF will be unconditionally and irrevocably guaranteed on a first demand basis
(garantie autonome à première demande) by the Republic of France pursuant to the
garantie autonome à première demande dated 5 March 2013 between, inter alios, the
Republic of France and BPF (the "State Guarantee"). "Guarantor" means, in the case
of Notes issued by PFI, Banque PSA Finance, and, in the case of Notes issued by BPF
intended to benefit from the State Guarantee, the Republic of France (together with
Banque PSA Finance, the "Guarantors") and “Guarantee” means, in the case of Notes
issued by PFI, the Deed of Covenant and Guarantee and, in the case of Notes issued
by BPF intended to benefit from the State Guarantee (“State Guaranteed BPF Notes”),
the State Guarantee. The Noteholders (as defined below), the holders (the
"Couponholders") of the coupons (the "Coupons", which expression shall include
Talons, as defined below, unless the context otherwise requires) appertaining to
interest bearing definitive Notes in bearer form and, where applicable in the case of
such Notes, talons for further Coupons (the "Talons") and the holders of the
instalment receipts (the "Receipts") for the payment of principal by instalments (the
"Receiptholders") are deemed to have notice of all of the provisions of the Agency
Agreement applicable to them. Copies of the Agency Agreement and the Deed of
Covenant and Guarantee are available for inspection at the specified offices of the
Paying Agents and the Transfer Agent(s)."
(ii)
Condition 3 on page 45 of the "Terms and Conditions of the Notes" section of the
Base Prospectus shall be replaced by the following:
"3.
Status of the Notes and Guarantee
The obligations of BPF under the Notes may be either unsubordinated
("Unsubordinated Notes") or subordinated ("Subordinated Notes"). The obligations of
PFI under the Notes may only be unsubordinated (also “Unsubordinated Notes”).
25
Status of Unsubordinated Notes
Unsubordinated Notes (being those Notes the status of which is specified hereon as
Unsubordinated Notes) and the Receipts and Coupons relating to them constitute
direct, unconditional (without prejudice to the provisions of Condition 4), unsecured
and unsubordinated obligations of the Issuer and rank and will rank pari passu among
themselves and at least equally with all other unsecured indebtedness and guarantees,
present and future of the Issuer without any preference or priority by reason of date of
issue, currency of payment or otherwise (except for indebtedness granted preference
by mandatory provisions of law and without prejudice as aforesaid).
Status of Subordinated Notes (BPF only)
Subordinated Notes (being those Notes the status of which is specified hereon as
Subordinated Notes and which may be dated or undated) constitute direct,
unconditional, unsecured and subordinated obligations of BPF and rank and will rank
pari passu among themselves and at least equally with all other unsecured
subordinated indebtedness and guarantees, present and future of BPF without any
preference or priority by reason of date of issue, currency of payment or otherwise
with the exception of the prêts participatifs granted to BPF. If any judgment is
rendered for the judicial liquidation (liquidation judiciaire) of BPF or if BPF is
liquidated for any other reason, the payment obligations of BPF under the
Subordinated Notes and the Receipts and, if so specified hereon, the Coupons relating
to them, shall be subordinated to the payment in full of the unsubordinated creditors
of BPF and, subject to such payment in full the holders of the Subordinated Notes and
the holders of the Receipts and, if it is specified hereon that the payment obligations
of BPF under the Coupons are subordinated, of the Coupons relating to them, will be
paid in priority to any prêts participatifs granted to BPF and any share capital of any
nature of BPF.
In the event of incomplete payment of unsubordinated creditors on the judicial
liquidation (liquidation judiciaire) of BPF, the obligations of BPF in connection with
the Subordinated Notes and the Receipts and, if it is specified hereon that the payment
obligations of BPF under the Coupons are subordinated, the Coupons, will be
terminated by operation of law.
The relevant Final Terms may provide for additions or variations to the Conditions
applicable to the Subordinated Notes for the purposes inter alia of enabling the
proceeds of the issue of such Subordinated Notes to count as fonds propres
complémentaires ("Tier 2 Capital") within the meaning of Article 4 of Règlement No.
90-02 of 23 February 1990 or fonds propres surcomplémentaires ("Tier 3 Capital")
within the meaning of Article 3 of Règlement No. 95-02 of 21 July 1995 in each case
of the Comité de la Réglementation Bancaire et Financière as amended or superseded
from time to time.
[BPF Guarantee
BPF has unconditionally and irrevocably guaranteed the due payment of all sums
expressed to be payable by PFI under the Notes. Its obligations in that respect are set
out in Clause 4 of the Deed of Covenant and Guarantee (and any other provisions
thereof relating to the rights and obligations described in that Clause) (the "BPF
Guarantee").]
26
State Guarantee
The Republic of France has unconditionally and irrevocably guaranteed on a first
demand basis (garantie autonome à première demande) pursuant to the State
Guarantee the due payment of all sums expressed to be payable by BPF under those
Notes the related Final Terms of which expressly provide for the application of the
State Guarantee. The obligations of the Republic of France in that respect are set out
in Clause 1 of the State Guarantee (and any other provisions thereof relating to the
rights and obligations described in that Clause). The Noteholders, upon subscription,
purchase or acquisition of such State Guaranteed BPF Notes, shall be deemed to have
accepted the State Guarantee.
[Status of the BPF Guarantee
The BPF Guarantee constitutes (subject to Condition 4) a direct, unconditional and
unsecured obligation of the Guarantor and ranks and shall at all times rank pari passu,
without any preference or priority by reason of date of issue, currency of payment or
otherwise, with all other unsecured indebtedness or the unsecured guarantee thereof
(other than subordinated obligations, if any) of the Guarantor, whether outstanding on
the date of the BPF Guarantee or thereafter (except for statutorily preferred
exceptions).]
(iii)
Condition 4 (b) on page 46 of the "Terms And Conditions of the Notes" section of the
Base Prospectus shall be replaced by the following:
"[BPF as Guarantor
So long as any of the Notes issued by PFI remains outstanding (as defined in the
Agency Agreement) BPF will not create or permit to subsist any Security upon the
whole or any part of its revenues or assets, present or future, to secure any
indebtedness or any direct or indirect guarantee by it of indebtedness of others
(whether outstanding on the date hereof or hereafter) unless the BPF Guarantee is
equally and rateably secured so as to rank pari passu with such indebtedness or
guarantee except:—
(i)
Security created over assets held in trust by another person, which assets are to
be used by such other person solely for satisfying BPF's scheduled payment
obligations in respect of principal and/or interest in respect of any unsecured
bonds or notes issued by BPF (the "Guarantor Obligations") in circumstances
where such other person has undertaken responsibility for the discharge of
such Guarantor Obligations;
(ii)
Security over assets or receivables of BPF which Security has been given in
connection with the refinancing of such assets or receivables and where the
risks (except in relation to any credit enhancement provided by BPF in respect
of such assets or receivables) relating to non-payment in respect of such assets
or receivables are, as a result of such refinancing, not to be borne by BPF;
(iii)
Security over a deposit made by BPF using the proceeds of an issue of bonds
or notes issued by BPF provided that (A) the depositary of such proceeds lends
an amount at least equal to the amount of the deposit to another company or
companies in the BPF Group and (B) that such loan has a maturity date which
is not earlier than the date for repayment of such deposit.]"
27
(iv)
Condition 10 (a) (ii) on page 59 of the "Terms And Conditions of the Notes" section
of the Base Prospectus shall be replaced by the following:
"BPF, the Guarantor (if applicable) [or PFI] does not perform or comply with any one
or more of its other obligations in, or in respect of, the Notes or the State Guarantee
[or the BPF Guarantee], as the case may be, which default is incapable of remedy or,
if capable of remedy, is not remedied within 30 days after notice of such default shall
have been given to the Agent at its specified office by any Noteholder; or"
(v)
Condition 10 (a) (ix) on page 60 of the "Terms And Conditions of the Notes" section
of the Base Prospectus shall be replaced by the following:
"[the BPF Guarantee is not (or is claimed by the Guarantor not to be) in full force and
effect;]"
(vi)
The following will be added as a Condition 10 (a)(x):
"in relation to State Guaranteed BPF Notes issued by BPF , the State Guarantee is not
(or is claimed by the Guarantor not to be) in full force and effect;"
(vii)
Condition 11 (a), shall be replaced by the following:
“The Agency Agreement contains provisions for convening meetings of Noteholders
to consider any matter affecting their interests, including assenting by Extraordinary
Resolution to any modification of the Notes (including these Conditions insofar as the
same may apply to such Notes) provided that no amendment to the status of
Subordinated Notes the proceeds of which constitute regulatory capital may be
approved until the consent of the Autorité de contrôle prudentiel has been obtained in
relation to such amendment. An Extraordinary Resolution duly passed at any such
meeting shall be binding on all the Noteholders and Receiptholders, whether present
or not, and on all relevant Couponholders, except that any Extraordinary Resolution
proposed, inter alia, (i) to amend the dates of maturity or redemption of the Notes,
any Instalment Date or any date for payment of interest thereon, (ii) to reduce or
cancel the principal amount or any Instalment Amount of, or any premium payable on
redemption of, the Notes, (iii) to reduce the rate or rates of interest in respect of the
Notes or to vary the method or basis of calculating the rate or rates or amount of
interest or the basis for calculating the Interest Amount in respect thereof, (iv) if there
is shown on the face of the Notes a Minimum Rate of Interest and/or a Maximum
Rate of Interest, to reduce such Minimum Rate of Interest and/or decrease such
Maximum Rate of Interest, (v) to change any method of calculating the Redemption
Amount or any Optional Redemption Amount, (vi) to change the currency or
currencies of payment of the Notes, (vii) to modify the provisions concerning the
quorum required at any meeting of Noteholders or the majority required to pass the
Extraordinary Resolution, or (viii) in the case of Notes issued by PFI, to modify or
cancel the Deed of Covenant and Guarantee and, in the case of State Guaranteed BPF
Notes, to modify or cancel the State Guarantee as it applies to such Notes, will only
be binding if passed at a meeting of the Noteholders (or at any adjournment thereof)
at which a special quorum (as provided for in the Agency Agreement) is present.”
(viii) The following will be added as a new paragraph at the end of Condition 16 (a):
“The State Guarantee is governed by the laws of the Republic of France.”
28
(ix)
Condition 16(b) on page 62 of the "Terms And Conditions of the Notes" section of
the Base Prospectus shall be replaced by the following:
"Jurisdiction
The courts of England have exclusive jurisdiction to settle any dispute arising from or
in connection with any Notes, Receipts, Coupons or Talons [or the BPF Guarantee]
(including a dispute relating to non-contractual obligations arising from or in
connection with any Notes, Receipts, Coupons or Talons [or the BPF Guarantee], or a
dispute regarding the existence, validity or termination of any Notes, Receipts,
Coupons or Talons [or the BPF Guarantee] or the consequences of their nullity) (a
"Dispute"). Each of BPF and PFI irrevocably submits to the jurisdiction of the courts
of England and waives any objection to Disputes in such courts on the ground of
venue or on the ground that the Disputes have been brought in an inconvenient forum.
These submissions are made for the benefit of each of the holders of the Notes,
Receipts, Coupons and Talons and shall not affect the right of any of them to take
Disputes in any other court of competent jurisdiction nor shall the taking of Disputes
in one or more jurisdictions preclude the taking of Disputes in any other jurisdiction
(whether concurrently or not).
The Tribunal de Grande Instance in Paris has exclusive jurisdiction to settle any
disputes relating to the State Guarantee.”
29
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL
FORM
In the "Summary of provisions relating to the Notes while in global form" section set out on
page 63 of the Base Prospectus, the following paragraph shall be added as the last paragraph
of the section:
"For the purposes of the State Guarantee, references to the "holder" in the Terms and
Conditions of the Notes includes account holders with Euroclear, Clearstream, Luxembourg
and Approved Intermediaries."
30
THE STATE GUARANTEE
After the end the "Peugeot Finance International N.V." section on page 76, the addition of a
new "The State Guarantee" section adding the following paragraphs:
“The following is the French-language binding text of the State Guarantee which will prevail
in the event of any inconsistency with the English language convenience translation which
follows it.
There are also set out below the French and English language versions of the EU
Commission Press Release relating to the State Guarantee.
GARANTIE AUTONOME A PREMIERE DEMANDE
(émise en considération des Titres Garantis émis par l‘Entité Garantie)
ENTRE
(1)
LA RÉPUBLIQUE FRANÇAISE, représentée par Monsieur Pierre Moscovici, Ministre
de l'Economie et des Finances, autorisé à cet effet par l'article 85 de la loi de finances
rectificative n°2012-1510 du 29 décembre 2012 (selon le cas, l'"Etat" ou le "Garant") ; et
(2)
BANQUE PSA FINANCE, une société anonyme dont le siège est au 75 avenue de la
Grande Armée, 75116 Paris, immatriculée au registre du commerce et des sociétés de Paris
sous le numéro 325 952 224 et représentée par Monsieur Philippe Alexandre ("Banque
PSA", ou l’"Entité Garantie") ;
EN PRÉSENCE DE :
(3)
PEUGEOT SA, une société anonyme dont le siège est au 75 avenue de la Grande Armée,
75116 Paris, immatriculée au registre du commerce et des sociétés de Paris sous le numéro
552 100 554 et représentée par Monsieur Philippe Varin ("PSA") ;
(4)
LA BANQUE DE FRANCE, représentée par Monsieur Denis Beau, Directeur Général
des Opérations de la Banque de France, intervenant pour les besoins des Articles 1.4
et 2.2.2 du présent acte ;
EN FAVEUR :
(5)
DE TOUT TITULAIRE de tout Titre Garanti décrit au paragraphe (C) du préambule
ci-dessous, pour autant que ce titulaire soit le porteur (holder) dudit Titre Garanti
conformément aux stipulations des Modalités des Titres Garantis (tel que ce terme est
défini au paragraphe (C) du préambule ci-dessous) (ledit titulaire étant ci-après désigné un
"Bénéficiaire").
PRÉAMBULE :
(A)
Compte tenu des difficultés de refinancement de Banque PSA, PSA a sollicité le soutien
de certains partenaires bancaires, ainsi que de l'Etat, pour permettre à Banque PSA de
continuer ses activités et de contribuer ainsi au retour à l'équilibre de PSA et de ses filiales
(ensemble, le "Groupe").
31
(B)
En janvier 2013, Banque PSA a confirmé 11,5 milliards d’euros de crédit bancaires moyen
terme notamment en signant le 11 janvier 2013 un contrat de crédit syndiqué pour un
montant de 4,1 milliards d’euros, en sécurisant 3 milliards d’euros de lignes de sécurité et
en renouvelant la majorité de ses lignes bancaires bilatérales.
(C)
Conformément à la décision d’autorisation temporaire numéro SA.36059 prise le 11
février 2013 par la Commission Européenne autorisant un montant d’émissions garanties
de 1,2 milliard d’euros et en application de l’article 85 de la loi de finances rectificative
pour 2012 n°2012-1510, l'Etat en qualité de Garant a accepté d'émettre, selon les termes
du présent acte, la présente garantie autonome à première demande temporaire (la
"Garantie"), dans la limite du Plafond de la Garantie visé à l'Article 1.2 (Plafond de la
Garantie), en considération des obligations de paiement de toutes sommes dues par
l’Entité Garantie, à leur échéance prévue, au titre de tous titres financiers ayant les
caractéristiques suivantes (les "Titres Garantis") :
(i)
titres chirographaires ayant la nature de titres de créance ;
(ii)
émis par l’Entité Garantie (l’"Emetteur"), en euro à l’exclusion de toute autre
devise ;
(iii)
ayant une échéance contractuelle à compter de leur date d’émission de trente-six (36)
mois au maximum ; et
(iv)
émis conformément aux stipulations de la présente Garantie et avec l'accord
préalable du Garant, à compter du 11 février 2013 et au plus tard jusqu’au 11 août
2013 ;
(v)
précisant de façon expresse, dans leurs modalités (les "Modalités des Titres
Garantis"), que l’émission des Titres Garantis a été formellement acceptée par l’Etat
au titre de la Garantie et que les Titres Garantis bénéficieront par conséquent de la
Garantie.
Pour les besoins du présent paragraphe et des autres stipulations de la Garantie,
l’acceptation formelle de l’Etat sur une émission de Titres Garantis devra être exprimée
par écrit en réponse à la notification correspondante qui lui aura été faite au préalable par
l’Entité Garantie.
L'engagement du Garant qui découle de la présente Garantie est donc souscrit en
considération desdits Titres Garantis.
(D)
L’Etat, PSA et Banque PSA ont conclu un protocole (le "Protocole") prévoyant un
certain nombre d’obligations mises à la charge de PSA et Banque PSA.
MODALITÉS DE LA GARANTIE :
1.
Garantie
1.1
Objet de la Garantie
Le Garant s’engage inconditionnellement et irrévocablement à payer à tout Bénéficiaire, à
première demande de la Banque de France ou du Bénéficiaire ou de la part de tout
représentant de la masse ou autre entité habilitée à exercer des sûretés pour le compte des
Bénéficiaires conformément au droit applicable et aux documents d’émission, notifiée au
32
moyen d'une Demande de Paiement strictement conforme aux exigences de l'Article 2
(Appel de la Garantie), toute somme indiquée dans la Demande de Paiement dans la limite
du montant visé à l'Article 1.2 (Plafond de la Garantie) (le "Plafond de la Garantie").
1.2
1.3
1.4
Plafond de la Garantie
1.2.1
La Garantie est émise pour un montant maximum global égal à un milliard deuxcent cinquante millions (1.250.000.000) euros.
1.2.2
Ce Plafond de la Garantie sera automatiquement et irrévocablement réduit par
chaque paiement réalisé par le Garant au titre de la présente Garantie.
Nature juridique de l'obligation du Garant
1.3.1
La présente Garantie constitue une garantie indépendante et autonome au sens de
l'article 2321 du Code civil, en conséquence de quoi le Garant s'engage à renoncer
à opposer ou faire valoir, dans toute la mesure permise par la loi, à l'encontre des
Bénéficiaires, toute exception ou objection de quelque nature que ce soit (à
l’exception de celles figurant à l’article 2321 du Code civil), et notamment toute
exception ou objection que l’Entité Garantie pourrait avoir à leur encontre, sous
réserve néanmoins du respect des modalités d’appel stipulées aux présentes.
1.3.2
Sous réserve des stipulations de l’Article 4.2, toutes les stipulations de la présente
Garantie conserveront leur plein effet quelle que soit l'évolution de la situation
financière, juridique ou autre de l’Entité Garantie ou du Garant. En particulier, la
Garantie conservera son plein effet vis-à-vis des Bénéficiaires au cas où l’Entité
Garantie demanderait la nomination d'un mandataire ad hoc ou d'un conciliateur
(ou ferait l'objet d'une telle demande) ou concluraient un accord amiable avec ses
créanciers, ou l’Entité Garantie ferait l’objet de l’une des procédures du Livre VI
du Code de commerce.
Intermédiation de la Banque de France
1.4.1
Banque PSA a ouvert dans les livres de la Banque de France un compte à son
nom non rémunéré (le "Compte de Provision") sous les références suivantes :
RIB : 30001 00064 000000 46552 64
IBAN : FR76 3000 1000 6400 0000 4655 264
1.4.2
Banque PSA s’engage à approvisionner le Compte de Provision au plus tard à
11h00 le deuxième Jour Ouvré précédant la date d’exigibilité de toute échéance
due en application des Modalités des Titres Garantis du montant dû en
application desdites modalités.
1.4.3
Banque PSA effectuera le paiement des sommes dues en application des
Modalités des Titres Garantis à partir du Compte de Provision.
2.
Appel de la Garantie
2.1
Personnes habilitées à appeler la Garantie
2.1.1
La présente Garantie pourra être appelée par chaque Bénéficiaire (pour ce qui le
concerne), par le représentant de la masse (ou autre entité habilitée à exercer des
33
sûretés pour le compte des Bénéficiaires conformément au droit applicable et aux
documents d’émission) ou par la Banque de France, en une ou plusieurs fois.
2.1.2
2.2
Une demande de paiement qui remplit, en substance et formellement, les
exigences prévues au présent acte (en ce compris le modèle de Demande de
Paiement figurant en Annexe (Modèle de demande de paiement)) constitue une
demande de paiement pour les besoins de la présente Garantie (une "Demande
de Paiement"). Une Demande de Paiement non conforme à ces exigences ne
sera pas considérée comme valable et sera réputée ne jamais avoir été émise.
Notification d'une Demande de Paiement
2.2.1
Appel par les Bénéficiaires
Chaque appel de la Garantie par les Bénéficiaires devra être formulé au moyen
d’une demande écrite strictement conforme au modèle figurant en Annexe
(Modèle de demande de paiement), laquelle devra être signée par une personne dûment
autorisée par le Bénéficiaire concerné (ou, le cas échéant, par le représentant de la
masse ou autre entité habilité à exercer des sûretés pour le compte des
Bénéficiaires conformément au droit applicable et aux documents d’émission) à
cet effet et devra être remise au Garant durant un Jour Ouvré. Elle devra être
accompagnée, à peine de nullité, de tous documents visés en Annexe (Modèle de
demande de paiement), y compris tout document (extrait de compte le cas échéant) à
jour émis par le teneur de compte attestant de la propriété des Titres Garantis par
le Bénéficiaire concerné.
2.2.2
Appel par la Banque de France
(a)
L’Entité Garantie pourra demander à la Banque de France de procéder à
l’appel de la Garantie lorsqu’elle n’est pas en mesure d’approvisionner le
Compte de Provision conformément aux stipulations de l’Article 1.4.2.
(b)
Dans cette hypothèse, l’Entité Garantie devra notifier son incapacité à
approvisionner le Compte de Provision au plus tard à 11h00 le deuxième
Jour Ouvré précédant la date d’exigibilité de toute échéance due en
application des Modalités des Titres Garantis. Cette notification devra être
accompagnée, à peine de nullité, des éléments suivants :
(i)
une indication du/des Bénéficiaires ou entités habilitées à recevoir les
paiements pour le compte des détenteurs de titres conformément aux
Modalités des Titres Garantis ;
(ii)
les Modalités des Titres Garantis objet de la notification, avec
indication des clauses au titre desquelles le paiement est demandé ;
(iii) un prévisionnel de trésorerie de Banque PSA démontrant que Banque
PSA n’est pas en mesure de payer aux Bénéficiaires les sommes
appelées ;
(iv) une confirmation formelle que Banque PSA ne dispose pas d’autres
lignes de crédit pouvant faire l’objet d’un tirage ou d’autres garanties
susceptibles d’être appelées ;
34
(v)
une déclaration que l’objet de la notification est d’éviter un défaut de
paiement au titre des Modalités des Titres Garantis concernés et non,
uniquement, d’éviter le non respect d’un engagement contractuel d’une
autre nature (tel qu’un ratio financier) ;
(vi) une déclaration que l’émission des Titres Garantis a été formellement
acceptée par l’Etat au titre de la Garantie et que les Titres Garantis
bénéficient par conséquent de la Garantie.
2.3
(c)
A la réception de la notification, la Banque de France devra appeler la
Garantie au moyen d’une demande écrite strictement conforme au modèle
figurant en Annexe (Modèle de demande de paiement) au plus tard à 17h00 le
jour de réception de la notification susvisée.
(d)
Il est par ailleurs expressément convenu que la Banque de France ne pourra
encourir aucune responsabilité de quelque sorte que ce soit à l'égard du
Garant de tout Bénéficiaire de la Garantie ou de toute entité du Groupe.
Forme de la notification
La Demande de Paiement devra être effectuée : (i) s’agissant d’une Demande de Paiement
par la Banque de France, par remise en main propre contre décharge, et (ii) s’agissant
d’une Demande de Paiement par un Bénéficiaire, par lettre en recommandée avec
demande d'avis de réception ou par remise en main propre contre décharge, dans chaque
cas à l'adresse et à l’attention des personnes indiquées à l’Article 5.1.3.
3.
Exécution de la Garantie
3.1
Délai de règlement
Toutes sommes dues au titre de la Garantie seront payables au plus tard:
3.1.1
lorsque la Demande de Paiement est notifiée par la Banque de France, à la Date
d'Echéance définie dans la Demande de Paiement visée au II. de l'Annexe (Modèle
de demande de paiement) ; et
3.1.2
dans tous les autres cas, cinq (5) Jours Ouvrés suivant la réception de la Demande
de Paiement,
par virement bancaire par l'intermédiaire de tout système de compensation ou de
règlement-livraison de titres applicable conformément aux Modalités des Titres Garantis
concernées ou, à défaut, au crédit du compte bancaire du Bénéficiaire concerné dont les
références IBAN sont indiquées dans la Demande de Paiement.
3.2
Devise de règlement
Tout paiement effectué par le Garant aux termes de la présente Garantie devra être
effectué en Euros.
4.
Durée de la Garantie
4.1
Durée de la Garantie
4.1.1
La présente Garantie entre en vigueur ce jour. La Garantie ne pourra être appelée
au-delà de quarante cinq (45) Jours Ouvrés suivant la date d'échéance
35
contractuelle dudit Titre Garanti, et en aucun cas au-delà du 30 novembre 2016.
Par ailleurs, et nonobstant ce qui précède, la Garantie s'éteindra automatiquement
(et aucune Demande de Paiement ne pourra être effectuée pour quelque motif
que ce soit) à compter de la date à laquelle le Plafond de la Garantie aura été
réduit à zéro.
4.1.2
4.2
La date à laquelle la Garantie expire en application de l’Article 4.1.1 est ci-après
désignée la "Date d'Expiration").
Résiliation
4.2.1
Nonobstant ce qui précède, après mise en demeure adressée à l’entité concernée
par les paragraphes ci-dessous, par lettre recommandée avec accusé réception
restée sans effet après l’expiration d’un délai de huit (8) Jours Ouvrés, et après
concertation entre le Ministre de l’Economie et des Finances et le Président du
Directoire de PSA, l'Etat aura la faculté (mais non l'obligation) de résilier de façon
unilatérale et avec effet immédiat, la Garantie dans les hypothèses suivantes :
(a)
Changement de Contrôle de PSA, Banque PSA, Automobiles Citroën,
Automobiles Peugeot ou Peugeot Citroën Automobiles. Pour les besoins du
présent paragraphe, "Changement de Contrôle" signifie :
(i)
(ii)
en ce qui concerne PSA, le fait pour une personne ou un groupe de
personnes agissant de concert (à l’exception de Société Foncière et
Financière et de Participations, Etablissements Peugeot Frères ou
toutes personnes Contrôlant ces entités seules ou de concert) :
(x)
d’acquérir le Contrôle de PSA ; ou
(y)
d’acquérir ou venir à détenir des actions représentant au moins
25% du capital ou du nombre total de droits de vote de PSA
avec l’accord du Conseil de surveillance ou du Directoire de PSA,
cet accord étant présumé exister notamment (α) dans l’hypothèse
où la nomination immédiatement ou à terme d’un représentant
de cette personne ou de ce groupe de personnes au Conseil de
Surveillance ou au Directoire de PSA serait effectuée avec
l’accord ou sur proposition ou cooptation du Conseil de
Surveillance ou du Directoire, et (β) dans l’hypothèse où cette
acquisition s’accompagnerait de la conclusion d’un accord
commercial ou industriel avec cette personne ou l’une des
personnes du groupe concerné ; ou
(z)
de souscrire dans le cadre d’une augmentation de capital de PSA
à des actions représentant au moins 25% du capital ou du
nombre total de droits de vote de PSA avec l’accord du Conseil
de Surveillance ou du Directoire;
en ce qui concerne Banque PSA, le fait pour PSA de ne plus détenir le
Contrôle de Banque PSA ;
(iii) en ce qui concerne Automobiles Citroën, une société anonyme dont le
siège est au 2 rue Fructidor, 75017 Paris, immatriculée au registre du
commerce et des sociétés de Paris sous le numéro 642 050 199
36
("Automobiles Citroën"), le fait pour PSA de ne plus détenir le
Contrôle d’Automobiles Citroën ;
(iv) en ce qui concerne Automobiles Peugeot, une société anonyme dont le
siège est au 75 avenue de la Grande Armée, 75116 Paris, immatriculée
au registre du commerce et des sociétés de Paris sous le numéro
552 144 503 ("Automobiles Peugeot"), le fait pour PSA de ne plus
détenir le Contrôle d’Automobiles Peugeot ; et
(v)
en ce qui concerne Peugeot Citroën Automobiles S.A., une société
anonyme dont le siège est route de Gisy, 78140 Vélizy Villacoublay,
immatriculée au registre du commerce et des sociétés de Versailles
sous le numéro 542 065 479 ("Peugeot Citroën Automobiles"), le
fait pour PSA de ne plus détenir le Contrôle de Peugeot Citroën
Automobiles ;
"Contrôle" ayant le sens qui lui est attribué à l'article L. 233–3 I du Code de
commerce et "agissant de concert" ayant le sens qui lui est attribué à
l'article L. 233–10 du Code de commerce ;
(b)
décision du Groupe de mettre en œuvre une évolution significative des
activités du Groupe ou de son périmètre ou de la situation de ses actifs,
industriels ou non, en cas de désaccord exprimé par l’Etat ;
(c)
tout manquement des Parties au Protocole autre que l’Etat, auquel il n’y
aura pas été remédié dans un délai de quinze (15) Jours Ouvrés suivant mise
en demeure ;
(d)
tout manquement par Banque PSA au titre de l’article 3.3 (Rémunération de la
Garantie) du Protocole ;
(e)
tout manquement par Banque PSA de l'une quelconque de ses obligations
au titre de la présente Garantie, auquel il n'aura pas été remédié dans un
délai de quinze (15) Jours Ouvrés suivant mise en demeure du Garant ;
(f)
l’ouverture d’une des procédures du Livre VI du code de commerce par
PSA ou Banque PSA ;
(g)
appel de la Garantie par un Bénéficiaire ou la Banque de France,
conformément aux termes de la présente Garantie.
4.2.2
La résiliation de la Garantie n'affectera pas les droits des Bénéficiaires au titre de
la Garantie nés antérieurement à cette résiliation (et notamment la Garantie
restera pleinement en vigueur à l’égard de tous Titres Garantis émis
antérieurement à cette résiliation). En revanche, la résiliation se traduira par
l’impossibilité pour Banque PSA d’émettre de nouveaux Titres bénéficiant de la
Garantie.
4.2.3
Banque PSA s’engage à notifier sans délai toute survenance d’un évènement
autorisant l’Etat à résilier la Garantie en application de l’Article 4.2.1.
37
5.
Stipulations Finales
5.1
Notifications
5.1.1
A l'exception de toute Demande de Paiement, toute notification ou
communication au titre de la présente Garantie devra être effectuée par écrit, par
télécopie (sous réserve que celui-ci soit confirmé aussitôt que possible par lettre
recommandée avec demande d'avis de réception), par lettre recommandée avec
demande d'avis de réception ou par remise en main propre contre décharge, que
ce soit par porteur ou par un service de courrier rapide.
5.1.2
Toute communication faite ou tout document envoyé par une personne à une
autre au titre de la Garantie ou concernant celle-ci produira ses effets (i) pour une
télécopie, lorsqu'elle aura été reçue sous une forme lisible ; et (ii) dans le cas où il
a été précisé qu'une telle notification devait être reçue par un service ou un
responsable identifiés, à condition que la communication soit adressée à ce
service ou à ce responsable.
5.1.3
Toute notification ou communication au Garant devra être adressée, selon le cas,
à l’adresse et à l’attention de la personne mentionnée ci-après:
Ministre de l'Economie et des Finances
A l'attention de M. le Directeur général du Trésor
139 Rue de Bercy
75572 Paris Cedex 12
Courriel : [email protected]
Fax : +33 1 53 18 36 15
5.1.4
Toute notification ou communication à la Banque de France devra être adressée,
selon le cas, à l’adresse et à l’attention de la personne mentionnée ci-après:
Banque de France
A l'attention de Mme le Directeur des Services Bancaires
Banque de France
CC 29-2300
39 Rue Croix des Petits Champs
75049 Paris Cedex 1
Courriel : [email protected]
Fax : +33 1 42 97 75 16
5.2
Impôts et taxes
5.2.1
Tout paiement dû par le Garant sera effectué sans aucune retenue à la source ou
prélèvement au titre de tout impôt ou taxe de toute nature, imposés, levés ou
recouvrés par ou pour le compte de la France, ou l'une de ses autorités ayant le
pouvoir de lever l'impôt, à moins que cette retenue à la source ou ce prélèvement
ne soit prévu par la loi ou toute convention internationale applicable.
5.2.2
Si en vertu de la législation française, les paiements dus par le Garant au titre de la
Garantie devaient être soumis à un prélèvement ou à une retenue au titre de tout
impôt ou taxe, présent ou futur, le Garant ne procédera à aucune majoration des
paiements.
38
5.3
Règles d'interprétation
Pour les besoins de la présente Garantie :
5.4
5.3.1
le présent acte comprend son préambule et ses annexes et forme un tout
indivisible ; et
5.3.2
toute référence à un Article s'entend, sauf précision contraire, d'une référence à
un article du présent acte.
5.3.3
"Jour Ouvré" désigne un jour (autre qu'un samedi ou un dimanche) où les
banques sont ouvertes à Paris. Pour les besoins de la détermination du moment
de la remise d'une notification, et en l’absence de précision d’horaire dans le
présent acte, un Jour Ouvré prendra fin à 17h00 et une notification qui sera
remise après 17h00 ou un jour autre qu'un Jour Ouvré sera réputée avoir été
remise le Jour Ouvré suivant (et la date du paiement devant être effectué par le
Garant sera calculée à compter de la date à laquelle la Demande de Paiement sera
réputée avoir été remise).
Publicité
Banque PSA est autorisée à porter à la connaissance de tout Bénéficiaire par tout moyen
de son choix de l'existence et des termes de la présente Garantie.
6.
Droit applicable et Juridiction
6.1
Droit applicable
La présente Garantie est régie par le droit français.
6.2
Tribunaux compétents
Tout litige relatif à la présente Garantie sera de la compétence exclusive du Tribunal de
Grande Instance de Paris.
Fait à Paris, le
en cinq (5) exemplaires originaux.
Le présent acte de Garantie a été signé sur la page de signature figurant à la dernière
page du document.
39
ANNEXE
MODELE DE DEMANDE DE PAIEMENT
I. – MODELE DE DEMANDE DE PAIEMENT PAR UN BENEFICIAIRE
[en tête du Bénéficiaire concerné]
Lettre recommandée avec demande d'avis de réception/Courrier remis en main propre
contre décharge
A:
Ministre de l'Economie et des Finances
A l'attention de M. le Directeur Général du Trésor
139 Rue de Bercy
75572 Paris Cedex 12
Courriel : [email protected]
Fax : +33 1 53 18 36 15
avec copie à
Banque PSA
A l'attention de Monsieur Philippe Alexandre
75 avenue de la Grande Armée
75116 Paris
Date :
[insérer la date]
Monsieur,
Demande de Paiement au titre de la Garantie Autonome à Première Demande en date
du [___] 2013
1.
Nous faisons référence à la garantie à première demande en date du [___] 2013 que vous
avez émise, en qualité de Garant, en notre faveur, en considération des Titres Garantis
émis par Banque PSA (la "Garantie"). A moins qu’ils ne soient autrement définis dans la
présente Demande de Paiement, les termes ou expressions commençant par une
majuscule utilisés ci-après ont le sens qui leur est attribué dans la Garantie.
2.
Nous constatons qu’à la date de la présente, Banque PSA ne nous a pas payé la somme de
[indiquer le montant] euros (le "Montant Réclamé"). Le détail du Montant Réclamé ainsi
que des Titres Garantis figure ci-dessous :
40
ISIN
Common
Code
Date
d'émission
Date
d'échéance
Montant
impayé
(principal)
Montant
impayé
(intérêts)
Autres
montants
dus
impayés
(intérêts
de retard,
frais, etc.)
Montant
total
impayé
3.
Nous certifions qu'à la date des présentes, le Montant Réclamé est dû et exigible
conformément à (aux) (l')article(s) [insérer le(s) numéro(s) de (l')article] des Modalités
des Titres Garantis [en cas de Titres Garantis émis dans le cadre de différents
programmes d'émission, préciser ces programmes et leurs modalités] [et qu'il n'a
pas été payé pendant une période de plus de [___] Jours Ouvrés après sa date d'exigibilité
(après expiration des périodes de grâce applicables et des périodes de règlement amiable
prévues par les Modalités des Titres Garantis).]
4.
Conformément à l’Article 2.2.1 de la Garantie, vous trouverez ci-joint :
4.1
un document attestant de la propriété des Titres Garantis ; et
4.2
les Modalités des Titres Garantis objet de la présente Demande de
Paiement stipulant que l’émission des Titres Garantis a été formellement acceptée
par l’Etat au titre de la Garantie et que les Titres Garantis bénéficient de la
Garantie.
5.
Conformément aux termes de l’Article 2 (Appel de la Garantie) de la Garantie, nous vous
demandons, en votre qualité de Garant au titre de la Garantie, de nous payer le Montant
Réclamé.
6.
Conformément aux termes de l’Article 3.1.1 de la Garantie, le Montant Réclamé doit être
payé dans le délai de cinq (5) Jours Ouvrés suivant la date de réception de la présente
Demande de Paiement.
7.
[Le Montant Réclamé devra être payé sur le compte bancaire ayant les références
suivantes : [insérer le numéro IBAN du compte], ouvert dans les livres de [insérer le
nom de l’établissement teneur de compte].]1
Nous vous prions d’agréer, Monsieur, l’expression de nos salutations distinguées.
_______________________________
Pour [Insérer le nom du Bénéficiaire]
en qualité de [Bénéficiaire]2
Par : [Insérer le nom du signataire]
Titre : [Insérer le titre du signataire]
1
Uniquement dans l'hypothèse où les Titres Garantis ne seraient pas admis aux opérations d'un système de
compensation ou de règlement-livraison de titres.
2
Le cas échéant, préciser si le signataire agit en qualité de représentant de la masse des obligataires.
41
II. – MODELE DE DEMANDE DE PAIEMENT PAR LA BANQUE DE FRANCE
[en tête de la Banque de France]
Lettre recommandée avec demande d'avis de réception/Courrier remis en main propre
contre décharge
A:
Ministre de l'Economie et des Finances
A l'attention de M. le Directeur Général du Trésor
139 Rue de Bercy
75572 Paris Cedex 12
Courriel : [email protected]
Fax : +33 1 53 18 36 15
[avec copie à
Banque PSA
A l'attention de Monsieur Philippe Alexandre
75 avenue de la Grande Armée
75116 Paris]
Monsieur,
Date :
[insérer la date]
Demande de Paiement au titre de la Garantie Autonome à Première Demande en date
du [____] 2013
1.
Nous faisons référence à la garantie à première demande en date du [____] 2013 que vous
avez émise, en qualité de Garant, en considération des Titres Garantis émis par Banque
PSA (la "Garantie"). A moins qu’ils ne soient autrement définis dans la présente
Demande de Paiement, les termes ou expressions commençant par une majuscule utilisés
ci-après ont le sens qui leur est attribué dans la Garantie.
2.
Nous constatons que Banque PSA ne sera pas en mesure de payer la somme de [indiquer le
montant] euros (le "Montant Réclamé") devant être versée le [indiquer la date d’échéance] (la
"Date d’Echéance") à [indiquer le/les Bénéficiaires ou entité habilitée à recevoir
les paiements pour le compte des détenteurs de titres conformément aux
Modalités des Titres Garantis]
ISIN
3.
Common
Code
Date
d'émission
Date
d'échéance
Montant
impayé
(principal)
Montant
impayé
(intérêts)
Autres
montants
dus
impayés
(intérêts
de retard,
frais, etc.)
Montant
total
impayé
Le Montant Réclamé est relatif aux sommes dues par Banque PSA en application de(s)
(l')article(s) [insérer le(s) numéro(s) de (l')article] des Modalités des Titres Garantis [en
cas de Titres Garantis émis dans le cadre de différents programmes d'émission,
préciser ces programmes et leurs modalités].
42
4.
Ainsi qu’il est mentionné à l’Article 2.2.2 de la Garantie, vous trouverez ci-joint une copie
des éléments qui nous ont été transmis par Banque PSA en application de la Garantie :
4.1
les Modalités des Titres Garantis objet de la présente Demande de Paiement, avec
indication des clauses au titre desquelles le paiement est demandé ;
4.2
un prévisionnel de trésorerie de Banque PSA démontrant que Banque PSA n’est
pas en mesure de payer aux Bénéficiaires des sommes appelées ;
4.3
une confirmation formelle que Banque PSA ne dispose pas d’autres lignes de
crédit pouvant faire l’objet d’un tirage ou d’autres garanties susceptibles d’être
appelées ;
4.4
une déclaration que l’objet de la Demande de Paiement est d’éviter un défaut de
paiement au titre des Modalités des Titres Garantis concernés et non,
uniquement, d’éviter le non respect d’un engagement contractuel d’une autre
nature (tel que ratio financier).
4.5
une déclaration que l’émission des Titres Garantis a été formellement acceptée
par l’Etat au titre de la Garantie et que les Titres Garantis bénéficient de la
Garantie.
5.
Conformément aux termes de l’Article 2 (Appel de la Garantie) de la Garantie, nous vous
demandons, en votre qualité de Garant au titre de la Garantie, de payer le Montant
Réclamé [aux personnes indiquées pour recevoir ce montant au paragraphe 2 cidessus][Destinataires du paiement/comptes à compléter].
6.
Le Montant Réclamé doit être payé à la Date d’Echéance3.
7.
[Le Montant Réclamé devra être payé sur le compte bancaire ayant les références
suivantes : [insérer le numéro IBAN du compte du/des Bénéficiaires ou de l’entité
habilitée à recevoir les paiements pour le compte des Bénéficiaires conformément
aux Modalités des Titres Garantis], ouvert dans les livres de [insérer le nom de
l’établissement teneur de compte du/des Bénéficiaires ou de l’entité habilitée à
recevoir les paiements pour le compte des Bénéficiaires conformément aux
Modalités des Titres Garantis].]4
Nous vous prions d’agréer, Monsieur, l’expression de nos salutations distinguées.
_______________________________
Pour la Banque de France
Par : [Insérer le nom du signataire]
Titre : [Insérer le titre du signataire]
3
La date de paiement devra être au plus tôt deux (2) Jours Ouvrés suivant la date de réception de la présente
Demande de Paiement.
4
Uniquement dans l'hypothèse où les Titres Garantis ne seraient pas admis aux opérations d'un système de
compensation ou de règlement-livraison de titres.
43
PAGE DE SIGNATURE
de la présente Garantie Autonome à Première Demande
(émise en considération des Titres Garantis émis par l’Entité Garantie)
en date du
_____________________________________
Pour la REPUBLIQUE FRANÇAISE
Par : Monsieur Pierre Moscovici
Titre : Ministre de l’Economie et des Finances
(signature précédée de la mention manuscrite: "bon pour garantie autonome à première demande d'un
montant plafond de 1 milliard deux cent cinquante millions (1.250.000.000) d'euros")
_____________________________________
Pour BANQUE PSA FINANCE
Par : Monsieur Philippe Alexandre
Titre : Directeur Général
(signature précédée de la mention manuscrite: "bon pour acceptation des termes de la présente Garantie")
En présence de
____________________________________
Pour PEUGEOT SA
Par : Monsieur Philippe Varin
Titre : Président du Directoire
____________________________________
Pour LA BANQUE DE FRANCE
Par : Monsieur Denis Beau
Titre : Directeur Général des Opérations
44
The following is the text of the convenience English-language translation of the State
Guarantee:
FIRST DEMAND GUARANTEE
(issued in relation to the Guaranteed Securities issued by the Guaranteed Entity)
BETWEEN
(1)
THE FRENCH REPUBLIC, represented by Mr Pierre Moscovici, Minister for the
Economy and Finance, authorised for this purpose under Article 85 of Supplementary
Budget Act No. 2012-1510 of 29 December 2012 (hereinafter referred to as the "State" or
the "Guarantor"); and
(2)
BANQUE PSA FINANCE, a société anonyme (limited company) whose registered office is
located at 75 avenue de la Grande Armée, 75116 Paris, registered in the Trade and
Companies Register of Paris under No. 325 952 224 and represented by Mr Philippe
Alexandre ("Banque PSA", or the "Guaranteed Entity");
IN THE PRESENCE OF:
(5)
PEUGEOT SA, a société anonyme (limited company) whose registered office is located at 75
avenue de la Grande Armée, 75116 Paris, registered in the Trade and Companies Register
of Paris under No. 552 100 554 and represented by Mr Philippe Varin ("PSA");
(6)
LA BANQUE DE FRANCE, represented by Mr Denis Beau, General Operations
Director, La Banque de France, acting for the purpose of Articles 1.4 and 2.2.2 of this
agreement;
IN FAVOUR OF:
(5)
ANY HOLDER of any Guaranteed Security described in paragraph (C) of the Recitals
below, provided the holder holds such Guaranteed Security in accordance with the
Conditions of the Guaranteed Securities (as defined in paragraph (C) of the Recitals
below) (such holder is hereinafter referred to as a "Beneficiary").
RECITALS:
(A)
In view of Banque PSA's refinancing difficulties, PSA has requested the support of certain
banking partners as well as the State to allow Banque PSA to continue its activities and so
to contribute to the recovery of PSA and its subsidiaries (hereinafter jointly referred to as
the "Group").
(B)
In January 2013, Banque PSA confirmed medium-term bank credit facilities for an
amount of €11.5 bn, primarily obtained by the signature on 11 January 2013 of a
syndicated loan agreement for an amount of €4.1 bn, the securing of backup credit lines
for an amount of €3 bn and the renewal of most of its bilateral credit lines.
(C)
Further to temporary authorisation No. SA. 36059 granted on 11 February 2013 by the
European Commission authorising guaranteed issues in the amount of €1.2 bn and in
application of Article 85 of the Supplementary Budget Act for 2012, No. 2012-1510, the
State, in its capacity as Guarantor, has agreed to issue, under the terms and conditions of
45
this agreement, this temporary first demand guarantee (garantie autonome à première demande
temporaire) (the "Guarantee"), within the limit of the Guarantee Cap specified in Article
1.2 (Guarantee Cap) in relation to the obligations for payment on their due date of all sums
owed by the Guaranteed Entity in respect of all debt securities with the following
characteristics (the "Guaranteed Securities"):
(i)
unsecured and unsubordinated debt instruments;
(ii)
issued by the Guaranteed Entity (the "Issuer") denominated in euros only and not
in any other currencies;
(iii)
with a contractual maturity of no more than thirty-six (36) months from their date of
issue; and
(iv)
issued in accordance with the provisions of this Guarantee and with the Guarantor's
prior approval during the period from 11 February 2013 to 11 August 2013 at the
latest;
(v)
expressly specifying in their conditions (the "Conditions of the Guaranteed
Securities") that the State has formally accepted the issuance of the Guaranteed
Securities under the Guarantee and that the Guaranteed Securities will therefore
benefit from the Guarantee.
For the purpose of this paragraph and the other provisions in the Guarantee, the State's
formal acceptance of an issue of Guaranteed Securities shall be recorded in writing in
reply to the corresponding notification previously received from the Guaranteed Entity.
The Guarantor's commitment under this Guarantee is therefore undertaken in relation to
such Guaranteed Securities.
(D)
The State, PSA and Banque PSA have entered into a protocol agreement (the "Protocol")
providing for a number of obligations for PSA and Banque PSA.
CONDITIONS OF THE GUARANTEE:
1.
GUARANTEE
1.1
Purpose of the Guarantee
The Guarantor unconditionally and irrevocably agrees to pay any Beneficiary, on
first demand by the Banque de France, the Beneficiary, or any representative of
the holders of the Masse or any other entity authorised to enforce security
interests on behalf of the Beneficiaries pursuant to the applicable law and the
issue documents, notified by means of a Demand for Payment strictly in
accordance with the requirements of Article 2 (Call of the Guarantee), any sum
stated in the Demand for Payment within the limit of the amount specified in
Article 1.2 (Guarantee Cap) (the "Guarantee Cap").
1.2
Guarantee Cap
1.2.1
The Guarantee is issued in an aggregate maximum amount of one billion
two hundred fifty million (1,250,000,000) euros.
46
1.2.2
1.3
1.4
The Guarantee Cap shall be automatically and irrevocably reduced by
each payment made by the Guarantor under this Guarantee.
Legal nature of Guarantor's obligation
1.3.1
This Guarantee is an independent and autonomous guarantee within the
meaning of Article 2321 of the French Civil Code and accordingly, the
Guarantor agrees not to raise or claim against the Beneficiaries, to the
extent permitted by law, any exception or objection of any kind whatsoever
(except those listed in Article 2321 of the French Civil Code) and in
particular any exception or objection which the Guaranteed Entity could
raise against such Beneficiaries, subject to compliance with the terms for
calling the Guarantee specified in this Guarantee.
1.3.2
Subject to the provisions in Article 4.2, all provisions of this Guarantee
shall remain fully in effect regardless of any changes in the financial or legal
situation or otherwise of the Guaranteed Entity or the Guarantor. The
Guarantee shall in particular remain fully in effect for the benefit of the
Beneficiaries in the event that the Guaranteed Entity applies for the
appointment of an ad hoc administrator (mandataire ad hoc) or conciliator
(conciliateur) (or is the subject of such an application), enters into an amicable
settlement (accord amiable) with its creditors or becomes subject to one of the
procedures listed in Book VI of the French Commercial Code.
Intermediation by the Banque de France
1.4.1
Banque PSA has opened in the books of the Banque de France a noninterest bearing account in its own name (the "Provision Account") with
the following references:
RIB (bank identification code): 30001 00064 000000 46552 64
IBAN: FR76 3000 1000 6400 0000 4655 264
2.
1.4.2
Banque PSA undertakes no later than 11 a.m. on the second Business Day
preceding the due date for payment of any amount due under the
Conditions of the Guaranteed Securities, to provision the Provision
Account with the amount due pursuant to such Conditions.
1.4.3
Banque PSA shall pay the sums due pursuant to the Conditions of the
Guaranteed Securities to be paid from the Provision Account.
CALL OF THE GUARANTEE
2.1
Persons authorised to call the Guarantee
2.1.1 This Guarantee may be called by each Beneficiary (for its own account), by
the representative of the Masse of the holders (or any other entity
authorised to enforce security interests on behalf of the Beneficiaries
pursuant to the applicable law and the issue documents) or by the Banque
de France, on one or more occasion.
2.1.2 A Demand for Payment
which, in substance and form, satisfies the
requirements specified in this agreement (including the form of Demand for
47
Payment in the Appendix (Form of Demand for Payment )) constitutes a
Demand for Payment for the purpose of this Guarantee (a "Demand for
Payment "). A Demand for Payment deviating from these requirements
shall not be considered valid and shall be deemed never to have been
issued.
2.2
Notification of a Demand for Payment
2.2.1
Call by the Beneficiaries
Each call of the Guarantee by the Beneficiaries must be submitted by
means of a written request that is strictly in compliance with the standard
form in the Appendix (Form of Demand for Payment ), which shall be signed
by a person duly authorised by the relevant Beneficiary (or as applicable
by the representative of the Masse of the holders or any other entity
authorised to enforce security interests on behalf of the Beneficiaries
pursuant to the applicable law and the issue documents) for this purpose
and shall be delivered to the Guarantor during a Business Day. The
request must be accompanied, failing which it shall be void, by all
documents specified in the Appendix (Form of Demand for Payment ),
including all up-to-date documents (including, if applicable, a statement of
account) issued by the account bank certifying that the Guaranteed
Securities are owned by the relevant Beneficiary.
2.2.2
Call by the Banque de France
(a)
The Guaranteed Entity may request the Banque de France to call
the Guarantee when it is unable to provision the Provision
Account in accordance with Article 1.4.2.
(b)
In this event, the Guaranteed Entity shall give notice of its
inability to provision the Provision Account no later than 11 a.m.
on the second Business Day preceding the due date for payment
of any amount due under the Conditions of the Guaranteed
Securities. This notification shall be accompanied, failing which it
shall be void, by the following documents and information:
(i)
the name(s) of the Beneficiary/ies or entities authorised to
receive the payments on behalf of the securities holders in
accordance with the Conditions of the Guaranteed
Securities;
(ii)
the Conditions of the Guaranteed Securities to which the
notification relates, specifying the clauses under which
payment is demanded;
(iii)
cash flow projections for Banque PSA evidencing that
Banque PSA is unable to pay the sums called to the
Beneficiaries;
(iv)
formal confirmation that Banque PSA does not have other
credit lines that can be drawn down or other guarantees that
may be called;
48
2.3
(v)
a statement that the purpose of the notification is to avoid a
payment default under the Conditions of the relevant
Guaranteed Securities and not solely to avoid noncompliance with another type of contractual commitment
(such as a financial ratio);
(vi)
a statement that the State has formally accepted the issuance
of the Guaranteed Securities under the Guarantee and that
the Guaranteed Securities therefore benefit from the
Guarantee.
(c)
On receipt of such notification, the Banque de France shall call
the Guarantee by means of a written demand, issued strictly in
accordance with the form set out in the Appendix (Form of Demand
for Payment ) no later than 5 p.m. on the day when the
aforementioned notification is received.
(d)
It is further expressly agreed that the Banque de France shall not
incur any liability of any kind towards the Guarantor, any
Beneficiary of the Guarantee or any entity of the Group.
Form of Notification
The Demand for Payment shall be made: (i) in the case of a Demand for
Payment by the Banque de France, by hand delivery against an acknowledgment
of receipt, and (ii) in the case of a Demand for Payment by a Beneficiary, by
recorded delivery with return receipt requested or by hand delivery against an
acknowledgment of receipt, in each case to the address and for the attention of
the persons mentioned in Article 5.1.3.
3.
PERFORMANCE OF THE GUARANTEE
3.1
Payment time
All sums due under the Guarantee shall be payable no later than:
3.1.1.
when the Demand for Payment is notified by the Banque de France, the
Due Date specified in the Demand for Payment referred to in section II.
of the Appendix (Form of Demand for Payment); and
3.1.2
in all other cases, five (5) Business Days after receipt of the Demand for
Payment,
by bank transfer through any relevant securities clearing or settlement system in
accordance with the Conditions of the relevant Guaranteed Securities, or, failing
this, credited to the bank account of the relevant Beneficiary whose IBAN
references are indicated in the Demand for Payment.
3.2
Payment currency
Any payment made by the Guarantor under this Guarantee shall be made in euros.
49
4.
DURATION OF GUARANTEE
4.1
4.2
Duration of Guarantee
4.1.1
This Guarantee shall take effect as of the date hereof. The Guarantee may
not be called more than forty-five (45) Business Days after the contractual
maturity date of the relevant Guaranteed Security, and in no event after
30 November 2016. Moreover, notwithstanding the foregoing, the
Guarantee shall expire automatically on the date when the Guarantee Cap
is reduced to zero. From this date, no Demand for Payment may be
presented for any reason.
4.1.2
The date on which the Guarantee expires in accordance with Article 4.1.1
is hereinafter referred to as the "Expiry Date").
Termination
4.2.1
Notwithstanding the foregoing, if a notice to perform sent by recorded
delivery with return receipt requested to the entity to which the following
paragraphs apply is not acted upon within eight (8) Business Days, and
after consultation between the Minister for the Economy and Finance and
the Chairman of PSA's Management Board, the State shall have the right
(but not the obligation) to terminate the Guarantee unilaterally and with
immediate effect in the following cases:
(a)
Change of Control of PSA, Banque PSA, Automobiles Citroën,
Automobiles Peugeot or Peugeot Citroën Automobiles. For the
purpose of this paragraph, "Change of Control" means:
(i)
as regards PSA, the fact that a person or a group of persons
acting in concert (except Société Foncière et Financière et
de Participations, Etablissements Peugeot Frères or any
persons Controlling these entities alone or in concert):
(x)
acquires Control of PSA; or
(y)
acquires or comes to hold shares representing at least
25% of the capital or the total number of voting
rights of PSA with the consent of PSA's Supervisory
Board or Management Board, on the understanding
that this consent shall be deemed to exist in particular
(α) in the event that a representative of such person or
such group of persons is appointed immediately or
subsequently to PSA's Supervisory Board or
Management Board, with the consent, upon the
proposal of or at the co-option by the Supervisory
Board or the Management Board, and (β) in the event
that this acquisition is accompanied by the signature
of a commercial or industrial agreement with such
person or any of the persons of the relevant group; or
(z)
subscribes, as part of a capital increase of PSA, for
shares representing at least 25% of the capital or total
number of voting rights of PSA with the consent of
the Supervisory Board or the Management Board;
50
(ii)
as regards Banque PSA, the fact that PSA no longer
Controls Banque PSA;
(iii)
as regards Automobiles Citroën, a société anonyme (limited
company) whose registered office is located at 2 rue
Fructidor, 75017 Paris, registered in the Trade and
Companies Register of Paris under No. 642 050 199
("Automobiles Citroën"), the fact that PSA no longer
Controls Automobiles Citroën;
(iv)
as regards Automobiles Peugeot, a société anonyme (limited
company) whose registered office is located at 75 avenue de
la Grande Armée, 75116 Paris, registered in the Trade and
Companies Register of Paris under No. 552 144 503
("Automobiles Peugeot"), the fact that PSA no longer
Controls Automobiles Peugeot; and
(v)
as regards Peugeot Citroën Automobiles S.A., a société
anonyme (limited company) whose registered office is located
at Route de Gisy, 78140 Vélizy Villacoublay, registered in
the Trade and Companies Register of Versailles under No.
542 065 479 ("Peugeot Citroën Automobiles"), the fact
that PSA no longer Controls Peugeot Citroën Automobiles;
For this purpose, "Control" has the meaning given to it in
Article L. 233–3 I of the French Commercial Code and "acting in
concert" has the meaning given to it in Article L. 233–10 of the
French Commercial Code;
4.2.2
(b)
the decision of the Group to initiate a significant evolution of the
activities or consolidation scope of the Group or in the situation
of its assets, whether industrial or other, notwithstanding any
objection thereto raised by the State;
(c)
any non-performance by any Parties to the Protocol other than
the State, if not remedied within fifteen (15) Business Days
following delivery of a notice to perform;
(d)
any failure by Banque PSA to perform its obligations under
Article 3.3 (Remuneration of the Guarantee) of the Protocol;
(e)
any failure by Banque PSA to perform any of its obligations under
this Guarantee if not remedied within fifteen (15) Business Days
following delivery by the Guarantor of a notice to perform;
(f)
the opening by PSA or Banque PSA's of any the procedures
referred to in Book VI of the French Commercial Code;
(g)
the Guarantee is called by a Beneficiary or the Banque de France
in accordance with the terms of this Guarantee.
The termination of the Guarantee shall not affect the rights of the
Beneficiaries under the Guarantee arising prior to such termination (and
the Guarantee shall in particular remain fully in force in respect of all
51
Guaranteed Securities issued prior to such termination). However, in the
case of such termination, Banque PSA may not issue new Securities
benefitting from the Guarantee.
4.2.3
5.
Banque PSA agrees to send without delay notice of any event which
would entitle the State to terminate the Guarantee in application of
Article 4.2.1.
FINAL PROVISIONS
5.1
Notifications
5.1.1
Except for any Demand for Payment, any notice or communication
relating to this Guarantee shall be made in writing by fax (provided the
fax is confirmed as soon as possible by recorded delivery with return
receipt requested), by recorded delivery with return receipt requested or
by hand delivery against an acknowledgment of receipt, whether delivered
in person or by an express courier service.
5.1.2
Any communication made or any document sent by any party to another
under the Guarantee or in connection with the Guarantee shall take effect
(i) in the case of a fax, when received in legible form; and (ii) when it has
been specified that the notification must be received by a named
department or manager, provided the communication has been sent to
such department or manager.
5.1.3
Any notification or communication to the Guarantor shall be sent, as
applicable, to the address and for the attention of the person identified
below:
Minister for the Economy and Finance
Attn General Treasury Director
139 Rue of Bercy
75572 Paris Cedex 12
Email: [email protected]
Fax: +33 1 53 18 36 15
5.1.4
Any notification or communication to the Banque de France shall be sent,
as applicable, to the address and for the attention of the person identified
below:
Banque de France
Attn Banking Services Director
Banque de France
CC 29-2300
39 Rue Croix des Petits Champs
75049 Paris Cedex 1
Email: [email protected]
Fax: +33 1 42 97 75 16
52
5.2
5.3
Taxes and duties
5.2.1
Any payment owed by the Guarantor shall be made without any
withholding tax or tax or duty of any kind raised, levied or collected by or
on behalf of France or any of its authorities with the power to raise taxes,
unless the withholding or other tax is provided for by law or any
applicable international treaty.
5.2.2
If, pursuant to French legislation, the payments owed by the Guarantor
under the Guarantee were to be subject to a withholding or other tax or
duty of any kind, the Guarantor shall not make any additional payments in
respect thereof.
Interpretation rules
For the purpose of this Guarantee:
5.4
5.3.1
this agreement includes the Recitals and Appendices and forms a nonseverable whole, and
5.3.2
any reference to an Article is a reference to an Article in this agreement unless
specifically specified otherwise.
5.3.3
"Business Day" means a day (other than Saturday or Sunday) on which
banks are open for business in Paris. For the purpose of determining the
moment of delivery of notifications, and when no specific time is
specified in this agreement, a Business Day shall end at 5 p.m. and a
notification delivered after 5 p.m. or on a day which is not a Business Day
shall be deemed to have been delivered on the following Business Day
(and the date of the payment to be made by the Guarantor shall be
calculated from the date on which the Demand for Payment is so deemed
to have been delivered).
Disclosure
Banque PSA is authorised to inform any Beneficiary by any means at its
discretion of the existence and terms of this Guarantee.
6.
GOVERNING LAW AND JURISDICTION
6.1
Governing law
This Guarantee shall be governed by French law.
6.2
Jurisdiction
Any dispute with regard to this Guarantee shall be submitted exclusively to the
District Court (Tribunal de Grande Instance) of Paris.
Made in Paris, on
in five (5) original counterparts.
This Guarantee was signed on the signature page appearing on the last page of the
document.
53
APPENDIX
FORM OF DEMAND FOR PAYMENT
I. – FORM OF DEMAND FOR PAYMENT BY A BENEFICIARY
[letterhead of the relevant Beneficiary]
Recorded delivery with return receipt requested/Letter, hand delivered against receipt
To:
Minister for the Economy and Finance
Attn General Treasury Director
139 Rue of Bercy
75572 Paris Cedex 12
Email: [email protected]
Fax: +33 1 53 18 36 15
cc:
Banque PSA
Attn Mr Philippe Alexandre
75 avenue de la Grande Armée
75116 Paris
Date:
[insert the date]
Sir,
Demand for Payment under the Autonomous First Demand Guarantee dated [___] 2013
1.
We refer to the first demand guarantee dated [___] 2013 granted by you, in your capacity
as Guarantor, in our favour, in relation to the Guaranteed Securities issued by Banque
PSA (the "Guarantee"). Unless otherwise defined in this Demand for Payment,
capitalised terms and expressions used below have the meaning assigned to them in the
Guarantee.
2.
We note that, as of the date hereof, Banque PSA has not paid us the sum of [indicate the
amount] euros (the "Amount Claimed"). The Amount Claimed and the Guaranteed
Securities are specified below:
54
ISIN
Common
Code
Issue date
Maturity
date
Amount
outstanding
(principal)
Amount
outstanding
(interest)
Other
amounts
outstanding
(latepayment
penalties,
costs, etc.)
Total
amount
outstanding
3.
We certify that, as of the date hereof, the Amount Claimed is due and payable in
accordance with Article(s) [insert the numbers of (the )Article(s)] of the Conditions of
the Guaranteed Securities [in the case of Guaranteed Securities issued under
different issuance programmes, specify these programmes and their conditions]
[and has not been paid for more than [___] Business Days after the due date for payment
(after expiry of any applicable grace periods and amicable settlement periods specified in
the Conditions of the Guaranteed Securities).]
4.
In accordance with Article 2.2.1 of the Guarantee, we have attached:
4.1
a document certifying the ownership of the Guaranteed Securities; and
4.2
the Conditions of the Guaranteed Securities covered by this Demand for
Payment, stipulating that the issuance of the Guaranteed Securities was formally
accepted by the State under the Guarantee and that the Guaranteed Securities are
eligible to benefit from the Guarantee.
5.
In accordance with Article 2 (Call of the Guarantee) of the Guarantee, we herewith request
you, in your capacity as Guarantor under the Guarantee, to pay us the Amount Claimed.
6.
Under Article 3.1.1 of the Guarantee, the Amount Claimed must be paid within five (5)
Business Days from the date of receipt of this Demand for Payment.
7.
[The Amount Claimed must be paid into the bank account with the following reference:
[insert the IBAN of the account] opened on the books of [insert the name of the
bank of account].]5
Yours faithfully,
_______________________________
For [Insert Beneficiary's name]
in its capacity as [Beneficiary]6
By: [Insert signatory's name]
Title: [Insert signatory's function]
5
Only if the Guaranteed Securities have not been admitted to a securities clearing or settlement system.
6
If applicable, specify whether the signatory acts as representative of the Masse of the holders.
55
II. – FORM OF DEMAND FOR PAYMENT BY THE BANQUE DE FRANCE
[letterhead of the Banque de France]
Recorded delivery with return receipt requested/Letter, hand delivered against receipt
To:
Minister for the Economy and Finance
Attn General Treasury Director
139 Rue of Bercy
75572 Paris Cedex 12
Email: [email protected]
Fax: +33 1 53 18 36 15
cc:
Banque PSA
Attn Mr Philippe Alexandre
75 avenue de la Grande Armée
75116 Paris
Date:
[insert the date]
Sir,
Demand for Payment under Autonomous First Demand Guarantee dated [___] 2013
1.
We refer to to the first demand guarantee dated [___] 2013 granted by you, in your
capacity as Guarantor, in relation to the Guaranteed Securities issued by Banque PSA (the
"Guarantee"). Unless otherwise defined in this Demand for Payment, capitalised terms
and expressions used below have the meaning assigned to them in the Guarantee.
2.
We note that Banque PSA will be unable to pay the sum of [indicate the amount] euros (the
"Amount Claimed") to be paid on [indicate the due date] (the "Due Date") to [indicate the
Beneficiary/ies or entity authorised to receive the payments on behalf of the
securities holders under the Conditions of the Guaranteed Securities]
ISIN
Common
Code
Issue date
Maturity
date
Amount
outstanding
(principal)
56
Amount
outstanding
(interest)
Other
amounts
outstanding
(latepayment
penalties,
costs, etc.)
Total
amount
outstanding
3.
The Amount Claimed relates to the sums owed by Banque PSA in application of Article(s)
[insert the number(s) of the Articles] of the Conditions of the Guaranteed Securities [in
the case of Guaranteed Securities issued under different issuance programmes,
specify these programmes and their conditions].
4.
As specified in Article 2.2.2 of the Guarantee, we have attached a copy of the documents
and information received from Banque PSA in accordance with the Guarantee:
4.1
the Conditions of the Guaranteed Securities to which this demand for Payment
relates, including the clauses under which payment is demanded;
4.2
cash flow projections for Banque PSA showing that Banque PSA is unable to pay
to the Beneficiaries the sums called;
4.3
formal confirmation that Banque PSA does not have other credit lines that can be
drawn down or other guarantees that may be called;
4.4
a statement that the purpose of the Demand for Payment is to avoid a payment
default in accordance with the Conditions of the Guaranteed Securities in
question and not solely to avoid non-compliance with another type of contractual
commitment (such as a financial ratio).
4.5
a statement that the State has formally accepted the issuance of the Guaranteed
Securities under the Guarantee and that the Guaranteed Securities therefore
benefit from the Guarantee.
5.
In accordance with Article 2 (Call of the Guarantee) of the Guarantee, we hereby request
you, in your capacity as Guarantor of the Guarantee, to pay the Amount Claimed [to the
persons designated in paragraph 2 above to receive this amount][Recipients of the
payment/accounts to be credited].
6.
The Amount Claimed must be paid on the Due Date7.
7.
[The Amount Claimed must be paid into the bank account with the following reference:
[insert the IBAN of the account of the Beneficiary/ies or the entity authorised to
receive the payments for the Beneficiaries in accordance with the Conditions of
the Guaranteed Securities], opened in the books of [insert the name of the bank of
account of the Beneficiary/ies or the entity authorised to receive the payments for
the Beneficiaries in accordance with the Conditions of the Guaranteed Securities].]8
Yours sincerely,
_______________________________
For the Banque de France
By: [Insert signatory's name]
Title: [Insert signatory's function]
7
The payment date must not be less than two (2) Business Days after the date of receipt of this Demand for
Payment.
8
Only if the Guaranteed Securities have not been admitted to a securities clearing or settlement system.
57
SIGNATURE PAGE
of this Autonomous First Demand Guarantee
(granted in relation to the Guaranteed Securities issued by the Guaranteed Entity)
date:
_____________________________________
For the FRENCH REPUBLIC
By: Mr Pierre Moscovici
Title Minister for the Economy and Finances
(signature preceded by the handwritten statement: "valid for autonomous first demand guarantee with a
maximum limit of one billion two hundred and fifty million euros (€1,250,000,000)")
_____________________________________
For BANQUE PSA FINANCE
By: Mr Philippe Alexandre
Title: Chief Executive Officer
((signature preceded by the handwritten statement: "valid for acceptance of the terms of this Guarantee")
In the presence of
____________________________________
For PEUGEOT SA
By: Mr Philippe Varin
Title: Chairman of the Management Board
____________________________________
For BANQUE DE FRANCE
By: Mr Denis Beau
Title: General Operations Director
58
The following are the French and English language texts of the Press Release published by
the European Commission on 11 February 2013:
« COMMISSION EUROPÉENNE
COMMUNIQUÉ DE PRESSE
Bruxelles, 11 février 2013
Aides d’État: la Commission autorise temporairement
une aide au sauvetage en faveur de la Banque PSA Finance
La Commission européenne a autorisé temporairement la France à accorder à la Banque PSA
Finance une garantie couvrant ses émissions de marché à hauteur de 1,2 milliards d'euros,
conformément aux règles de l'UE en matière d'aides d'Etat. L'autorisation de la Commission
est subordonnée à la présentation durant cette période d'un plan de restructuration pour le
groupe PSA dans son ensemble. Ce plan devra aussi assurer la viabilité de la Banque PSA
Finance.
La garantie couvrira de nouvelles émissions de marché obligataires de la Banque PSA
Finance et bénéficiera ainsi aux titres émis par la banque au plus tard six mois à compter de la
date de la décision. Ces titres constitueront des créances envers la Banque PSA Finance. Leur
échéance sera de trois années à compter de la date d'émission. La Commission a considéré
que l'octroi de cette garantie était nécessaire pour assurer l'accès de la Banque PSA Finance
au marché et éviter tout effet de contagion au système bancaire français qui affecterait le coût
de financement des banques. Les lignes directrices de la Commission concernant les aides
d'Etat accordées aux banques pendant la crise (voir IP/08/1495 et IP/11/1488) prévoient que
la Commission peut autoriser des aides au sauvetage pendant une période de six mois afin de
préserver la stabilité financière.
Cette aide bénéficiant non seulement à la Banque PSA Finance, mais au groupe PSA dans
son ensemble, la France devra présenter à la Commission un plan de restructuration pour le
groupe PSA. Sur cette base, la Commission pourra prendre une décision finale sur l'aide
accordée.
Contexte
La Banque PSA Finance est contrôlée à 100% par le groupe PSA. Elle assure le financement
des ventes de véhicules Peugeot et Citroën et finance les stocks de véhicules et pièces de
rechange des réseaux de distribution des deux marques. La Banque PSA Finance est une
banque captive en ce sens qu'elle ne finance que les activités commerciales du groupe
automobile PSA.
En raison des difficultés du groupe PSA, la Banque PSA Finance a été confrontée à
l'impossibilité de se refinancer en volume suffisant. La capacité de la banque à accéder aux
marchés de capitaux joue un rôle déterminant dans l'activité industrielle du groupe PSA.
Les lignes directrices de l'UE de 2004 concernant les aides au sauvetage et à la restructuration
(voir IP/04/856, MEMO/04/172) définissent les conditions dans lesquelles les entreprises en
difficulté peuvent bénéficier d'aides d'État. Les lignes directrices exigent notamment que
l'entreprise établisse un plan de restructuration solide rétablissant sa viabilité à long terme et
lui permettant de fonctionner sans le soutien permanent de l'État. En outre, le bénéficiaire de
l'aide doit mettre en oeuvre des mesures compensatoires appropriées visant à minimiser les
distorsions de concurrence créées par les aides d'État et contribuer de façon suffisante aux
coûts de la restructuration. »
59
“EUROPEAN COMMISSION
PRESS RELEASE
Brussels, 11 February 2013
State aid: Commission temporarily approves rescue aid for Banque PSA Finance
The European Commission has granted temporary approval to France, under the EU state aid
rules, to provide Banque PSA Finance with a EUR 1.2 billion guarantee covering its market
issues. The Commission’s approval is conditional on the submission during this period of a
restructuring plan for the entire PSA group. This plan must also ensure the viability of
Banque PSA Finance.
The guarantee will cover new bond issues by Banque PSA Finance and will therefore extend
to securities issued by the bank within a period of six months from the date of the decision.
These securities will constitute claims on Banque PSA Finance. The securities will mature
three years after the date of issue.
The Commission felt that this guarantee was necessary in order to ensure access for Banque
PSA Finance to the market and to avoid a knock-on effect on the French banking system
which would have an impact on financing costs for banks. The Commission’s guidance on
state aid for banks during the crisis (see IP/08/1495 and IP/11/1488) states that the
Commission may authorise rescue aid for six months in order to preserve financial stability.
Because the aid in question will benefit not only Banque PSA Finance but the entire PSA
group, France will be required to present the Commission with a restructuring plan for the
PSA group as a whole, on the basis of which the Commission will be able to take a final
decision on the aid.
Background
Banque PSA Finance is wholly owned by the PSA group. It provides financing for sales of
Peugeot and Citroën vehicles and finances the stocks of vehicles and spare parts for the two
brands’ distribution networks. Banque PSA Finance is a ‘captive bank’ in that it finances the
commercial activities of the PSA automobile group only.
Because of the problems experienced by the PSA group, Banque PSA Finance has found it
impossible to refinance itself adequately. The ability of the bank to access the financial
markets plays a decisive role in the PSA group’s industrial activity.
The Commission’s 2004 guidelines on rescue and restructuring aid (see IP/04/856,
MEMO/04/172) specify the circumstances in which firms in difficulty can be given state aid.
The guidelines require among other things that the firm must establish a sound restructuring
plan that restores its long-term viability and enables it to function without continued state
support. In addition, the aid recipient must take appropriate compensatory measures to
minimise the distortions of competition created by the state aid and make a sufficient
contribution to the costs of restructuring.”
60
RECENT DEVELOPMENTS
The "Recent Developments" section set out on page 77 of the Base Prospectus is
supplemented by the following press releases issued by BPF:
Paris – 7 March 2013
With the Distingo passbook savings account
Banque PSA Finance launches a new savings business
PSA Banque is launching in France its first passbook savings account for retail
customers.
Known as Distingo, the new product represents for the Group both a commitment and a
determination.
A commitment to giving savers an investment product that offers:

A competitive return: with a 5.50%(1) guaranteed interest rate over 4 months and a
base rate of 2.3%(1)

Security: the principal and interest are guaranteed.

No administration fees on routine transactions and no charge for opening or closing
the account.

Convenience: savings can be deposited and withdrawn online 24/7.
A determination to make Distingo an engine driving the real economy. Deposits will be
used exclusively to finance purchases of Peugeot and Citroën vehicles by retail customers
from the brands’ dealerships.
Philippe Alexandre, Chief Executive Officer of Banque PSA Finance, said, “We are pleased
to announce today the launch of the Distingo passbook savings account, the first savings
product marketed under the PSA Banque brand.
This passbook savings account will of course contribute to diversifying our financing sources,
but above all it reflects the Banque PSA Finance’s deep roots in the real economy as a bank
dedicated exclusively to supporting growth in vehicle sales by the Peugeot and Citroën
networks.”
61
Paris –11 February 2013
Banque PSA Finance announces that it has received the European Commission’s
temporary authorization to use the French State’s guarantee as security for its future
bond issues
On 11 February, Banque PSA Finance obtained the European Commission’s temporary
authorization to use the French State’s guarantee to secure its debt issuance in the period
from 1 January 2013 to 31 December 2016. The guarantee was voted by the French
parliament on 29 December 2012 and has been granted in exchange for a premium. It
concerns total issues of up to €7 billion and covers the principal amount of the debt issues
plus related interest, costs and incidental expenses.
The European Commission’s authorization has been obtained for the first €1.2 billion tranche
of issuance with a term of up to 36 months, to be carried out in the next six months,
corresponding to the period needed by the Commission to issue its final decision concerning
this State support.
A 5-member guarantee monitoring committee, comprising representatives of the French State
and the PSA Peugeot Citroën Group, will oversee the coordinated implementation of the
guarantee.
The temporary authorization to use the guarantee, along with the increase in the securitization
programme and the rollover of bank facilities provide Banque PSA Finance with robust
refinancing resources, in terms of their amount and duration, together with good visibility.
62
6 February 2013
Successful bond issue for Banque PSA Finance in Argentina
PSA Finance Argentina Compania Financiera S.A. ("PSA Finance Argentina")
(Aa2.ar/NR/AA(arg)), which is 50/50 owned by Banque PSA Finance and BBVA Banco
Francés, raised AR$ 140 million (approximately €20 million) in two tranches on 4 February
2013 :
- variable serie : AR$ 100 million on a 21 months maturity with a floating private BADLAR
rate plus 4.14% margin. The book was 1.7 times oversubscribed.
- fixed serie : AR$ 40 million with a fixed rate of 19% on a 9 months maturity. The book was
1.2 times oversubscribed.
This transaction is the sixth issue done on the Argentinian bond market by PSA Finance
Argentina (after the issues done in November 2010, in August 2011, in January 2012, in June
2012 and in November 2012). It illustrates the successful strategy of Banque PSA Finance to
diversify sources of financing.
63
Paris – 25 January 2013
Banque PSA Finance placed in the secondary market € 411.8m ABS notes backed by
Italian auto loans
Banque PSA Finance, wholly-owned by Peugeot S.A., successfully placed in the secondary
market a notional of € 411.8 million senior Class A Notes of the securitisation transaction
Auto ABS 2012-2 S.r.l issued in November 2012. These notes are rated AAsf by Fitch and
AA(sf) by S&P, with an estimated weighted average life of 1.28 years. The notes, which
carry a fixed rate coupon of 2.8%, were placed at an equivalent spread of 150 basis points
above 1-month Euribor.
This issue is the second Italian auto transaction of Banque PSA Finance and the first one
placed at fixed rate.
This transaction is part of the Banque PSA Finance strategy to ensure a broad diversification
of its funding sources and an increase of its funding share through securitization programs.
For this transaction, Société Générale and UniCredit Bank acted as co-arrangers and cobookrunners.
64
Paris –14 January 2013
Banque PSA Finance rolls over its bank facilities
Banque PSA Finance signed a new €4.1 billion 5-year syndicated loan agreement on 11
January 2013. The facility was oversubscribed, with 18 banks from eight different countries
taking part.
On the same day, as part of the plan to streamline and extend its back-up facilities, the Bank
negotiated an extension of a €1.2 billion revolving line of credit to January 2016. Having also
rolled over for €1.8 billion line of credit to December 2015, it now has unused drawing rights
totalling €3 billion.
Lastly, Banque PSA Finance has rolled over the majority of its bilateral bank facilities,
strengthening its ties with its banking pool comprising over fifty institutions worldwide.
Together, these transactions allow Banque PSA Finance to confirm the availability of €11.5
billion worth of medium-term bank financing.
Thanks to the roll-over of these bank facilities, along with the securitization programs and the
planned issues of State-guaranteed bonds, Banque PSA Finance now has robust sources of
refinancing and good visibility of their amount and duration.
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Paris - 8 January 2013
Banque PSA Finance successfully issued €3.1 billion of new asset backed securities in
2012
Banque PSA Finance accelerated its securitization program in 2012, reaching a new level
with the success of five operations realised in four markets (France, the United Kingdom,
Spain and Italy) amounting to €3.1 billion of senior notes.
Against a background of financial market volatility, Banque PSA Finance increased the share
of its funding undertaken through its securitization program, thereby demonstrating its ability
to strengthen and diversify its funding sources in order to support the sales of PSA Peugeot
Citroën.
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Paris - 20 December 2012
Banque PSA Finance announced £1,080 million issuance of asset backed securities by
« Auto ABS UK Loans plc »
Banque PSA Finance announced a £1,080 million issuance of asset-backed securities by
“Auto ABS UK Loans plc”, backed by a pool of UK auto loan receivables originated by
Banque PSA Finance S.A., structured by joint lead arrangers HSBC and J.P. Morgan and by
Lloyds TSB Bank as arranger.
The £734 million Class A senior notes, rated “AAAsf” by Fitch Ratings, were privately
placed and the £346 million class B, unrated, subordinated notes were retained in full by
Banque PSA Finance S.A.
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Paris - 13 December 2012
Banque PSA Finance issued on December 13th 2012 ABS bonds backed by auto loans
originated by its French subsidiary Crédipar, for a total amount of 266.5 million euros,
through a new structure Master trust
The Fonds Commun de Titrisation (FCT) Auto ABS French Loans Master issued 266.5 M€
of Class A notes rated AAAsf by Fitch and Aaa(sf) by Moody’s. The Class A is divided into
Series ranking pari passu, with expected maturity from 1 to 12 months, bearing fixed interest
rate capped to 4%, maximum amount of which is up to 2 billion euros. At Closing the FCT
issued 3 Class A Series respectively with expected maturity of 1, 4 and 5 months, and
amounts of 36.5 M€, 100 M€ and 130 M€. The revolving period is 30-month long.
This transaction is the 15th transaction completed by Banque PSA Finance, the 4th in 2012,
and the 5th backed by auto loans originated by Crédipar.
This retained transaction, structured to be European Central Bank eligible, is part of Banque
PSA Finance’ strategy to optimize its securitization program to increase its contribution in its
funding share, and to support the sales development of PSA Peugeot Citroën Group.
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Paris – 30 November 2012
Banque PSA Finance placed in the secondary market € 723.6m ABS notes backed by
French auto leases
Banque PSA Finance, wholly-owned by Peugeot S.A., successfully placed all of € 723.6
million senior Class A Notes of the securitisation transaction Auto ABS FCT Compartiment
2012-1 in July 2012.
Senior AAA securities were retained initially by Banque PSA Finance for refinancing with
the ECB.
Following market conditions improvement since summer, Banque PSA Finance has decided
to place this transaction with institutional investors.
A first block sale took place October 25 up to €460 million, and the subsequent blocks spread
out until November 30 for the remaining amount.
The securities were placed at similar prices in different block sales around 110 basis points
above 1-month Euribor.
These notes are rated AAAsf by Fitch and AAA(sf) by S&P, with an estimated weighted
average life of 3.03 years. For this transaction on the secondary market, Deutsche Bank and
Natixis acted as lead managers and book-runners.
Since the 2008 crisis, this issue is the first French auto transaction including the residual
value of vehicles.
This transaction is part of the Banque PSA Finance strategy to ensure a broad diversification
of its funding sources and an increase of its funding share made under its securitization
program.
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Paris - 29 November 2012
Banque PSA Finance has issued on November 28th 2012 senior ABS bonds backed by
Spanish auto loans for a total amount of 668 million euros
Fondo de Titulizacion de Activos Auto ABS 2012-3 issued 668 M€ of class A notes rated
AA-(sf) Fitch and AA (low) (sf) by DBRS with a fixed rate of 3.25% and a weighted average
life of 2.11 years including a one year revolving period. 'AA-sf'/Negative is the maximum
achievable Fitch rating for structured finance transactions in Spain.
A This transaction is the 14th securitization completed by Banque PSA Finance and the
second one on its spanish assets
This transaction is part of the Banque PSA Finance strategy to ensure a broad diversification
of its funding sources and an increase of its funding share made under its securitization
program in order to support the development of the sales of the Group PSA Peugeot Citroën.
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Paris - 19 November 2012
Banque PSA Finance has issued on November 15th 2012 ABS bonds
backed by italian auto loans for a total amount of 537 million euros
FCT Auto ABS 2012-2 S.r.l. issued 537 M€ of class A notes rated AA by S&P and Fitch
with a fixed rate of 2,8% and a weighted average life of 1,36 years without revolving period.
This transaction is the 13th securitization completed by Banque PSA Finance and the second
one on its Italian assets.
This transaction is part of the Banque PSA Finance strategy to ensure a broad diversification
of its funding sources and an increase of its funding share made under its securitization
program in order to support the development of the sales of the Group PSA Peugeot Citroën.
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16 November 2012
Successful bond issue for Banque PSA Finance in Argentina
PSA Finance Argentina Compania Financiera S.A. ("PSA Finance Argentina") (Aa2/NR/AA),
which is 50/50 owned by Banque PSA Finance and BBVA Banco Francés, raised AR$ 93.4
million (approximately €15.2 million) in two tranches on 14 November 2012 :
- variable serie : AR$ 80 million on a 24 months maturity with a floating private Badlar rate
plus 4.5% margin.
- fixed serie : AR$ 13.4 million with a fixed rate of 19,25% on a 9 months maturity.
With this last dual tranche bond issue, PSA Finance Argentina made in 2012 six bond issues
for a total amount of AR$ 293 million. This new transaction illustrates the successful strategy
of Banque PSA Finance to diversify sources of financing and to develop its activities in the
group’s markets.
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TAXATION
The sub-section entitled “France” in the section entitled “Taxation” on page 80 of the Base
Prospectus shall be replaced by the following:
“France
The description below is intended as a basic summary of certain withholding tax
consequences that may be relevant to holders of Notes who do not concurrently hold shares
of BPF.
(a)
Payments of interest and other revenues made with respect to Notes issued by BPF
(other than Notes (described below) which are consolidated (assimilables for the purpose of
French law) and form a single series with Notes issued prior to 1 March 2010 having the
benefit of Article 131 quater of the French General Tax Code) are not subject to the
withholding tax set out under Article 125 A III of the French General Tax Code unless such
payments are made outside France in a non-cooperative State or territory (Etat ou territoire
non coopératif) within the meaning of Article 238-0 A of the French General Tax Code (a
“Non-Cooperative State”). If such payments under Notes issued by BPF are made in a NonCooperative State, a 75% withholding tax will be applicable (subject to certain exceptions
and to the more favourable provisions of any applicable double tax treaty) by virtue of Article
125 A III of the French General Tax Code.
Furthermore, according to Article 238 A of the French General Tax Code, interest and other
revenues on such Notes are not be deductible from BPF's taxable income if they are paid or
accrued to persons established in a Non-Cooperative State or paid in such a Non-Cooperative
State. Under certain conditions, any such non-deductible interest and other revenues may be
recharacterised as constructive dividends pursuant to Articles 109 et seq. of the French
General Tax Code, in which case such non-deductible interest and other revenues may be
subject to the withholding tax set out under Article 119 bis 2 of the French General Tax Code,
at a rate of 30% or 75%, subject to the more favourable provisions of any applicable double
tax treaty.
Notwithstanding the foregoing, neither the 75% withholding tax nor the non-deductibility
will apply in respect of a particular issue of Notes if BPF can prove that the principal purpose
and effect of such issue of Notes were not that of allowing the payments of interest or other
revenues to be made in a Non-Cooperative State (the "Exception"). Pursuant to the French
tax administrative guidelines (BOI-INT-DG-20-50 n°990) dated 12 September 2012, an issue
of Notes will be deemed not to have such a purpose and effect, and accordingly will be able
to benefit from the Exception if such Notes are:
(i)
offered by means of a public offer within the meaning of Article L.411-1 of the
French Monetary and Financial Code or pursuant to an equivalent offer in a state
other than a Non-Cooperative State. For this purpose, an “equivalent offer” means any
offer requiring the registration or submission of an offer document by or with a
foreign securities market authority; or
(ii)
admitted to trading on a regulated market or on a French or foreign multilateral
securities trading system provided that such market or system is not located in a NonCooperative State, and the operation of such market is carried out by a market
operator or an investment services provider, or by such other similar foreign entity,
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provided further that such market operator, investment services provider or entity is
not located in a Non-Cooperative State; or
(iii)
admitted, at the time of their issue, to the clearing operations of a central depositary or
of a securities clearing and delivery and payments systems operator within the
meaning of Article L.561-2 of the French Monetary and Financial Code, or of one or
more similar foreign depositaries or operators provided that such depositary or
operator is not located in a Non-Cooperative State.
(b)
Payments of interest and other revenues on Notes that are issued by BPF after 1
March 2010 and which are to be consolidated (assimilables for the purpose of French law)
and form a single series with Notes issued (or deemed issued) outside France as provided
under Article 131 quater of the French General Tax Code before 1 March 2010, will continue
to be exempt from the withholding tax set out under Article 125 A III of the French General
Tax Code.
Notes issued by BPF before 1 March 2010, whether denominated in Euro or in any other
currency, and constituting obligations under French law, or titres de créances négociables
within the meaning of the French tax administrative guidelines (BOI-RPPM-RCM-30-10-3030) dated 12 September 2012, or other debt securities issued under French or foreign law and
considered by the French tax authorities as falling into similar categories, are deemed to be
issued outside the Republic of France for the purpose of Article 131 quater of the French
General Tax Code , in accordance with the aforementioned administrative guidelines.
In addition, interest and other revenues paid on Notes issued by BPF as from 1 March 2010
and which are to be consolidated (assimilables for the purpose of French law) and form a
single series with Notes issued before 1 March 2010, will not be subject to the withholding
tax set out in Article 119 bis of the French General Tax Code solely on account of their being
paid in a Non-Cooperative State or accrued or paid to persons established or domiciled in a
Non-Cooperative State.
(c)
Pursuant to Article 9 of the 2013 French Finance Law (loi n°2012-1509 du 29
décembre 2012 de finances pour 2013) subject to certain exceptions, interest received from 1
January 2013 by French tax resident individuals is subject to a 24% withholding tax, which is
deductible from their personal income tax liability in respect of the year in which the
payment has been made. Social contributions (CSG, CRDS and other related contributions)
are also levied by way of withholding tax at an aggregate rate of 15.5% on interest paid to
French tax resident individuals.”
74
SUBSCRIPTION AND SALE
Paragraph (ii) of the section entitled “The Republic of France” on page 84 of the Base
Prospectus shall be replaced by the following:
“(ii)
Private placement in France
it has not offered or sold and will not offer or sell, directly or indirectly, any Notes to the
public in France and it has not distributed or caused to be distributed and will not distribute or
cause to be distributed to the public in France, the Base Prospectus, the relevant Final Terms
or any other offering material relating to the Notes and such offers, sales and distributions
have been and will be made in France only to (a) persons providing investment services
relating to portfolio management for the account of third parties (personnes fournissant le
service d’investissement de gestion de portefeuille pour compte de tiers), and/or (b) qualified
investors (investisseurs qualifiés), all as defined in, and in accordance with, Articles L.411-1,
L.411-2 and D.411- 1 of the French Code monétaire et financier.”
75
FORM OF FINAL TERMS
The title of the "Form of Final Terms" section set out on page 87 of the Base Prospectus shall
be replaced by the following:
"Final Terms dated [●]
[Banque PSA Finance] [Peugeot Finance International N.V.]
Issue of [Aggregate Nominal Amount of Tranche] [Title of Notes]
[Guaranteed by [Banque PSA Finance]/[The Republic of France]]
under the Euro 14,000,000,000 Debt Issuance Programme]/[For the avoidance of doubt, the
Notes do not, and are not intended to, benefit from any guarantee of The Republic of
France]"
Item 1 (ii) of the "Form of Final Terms" section set out on page 88 of the Base Prospectus
shall be replaced by the following:
"1.
[(ii):
Guarantor
[Banque PSA Finance]/[The
Republic of France]"
Item 13 (ii) of the "Form of Final Terms" section set out on page 89 of the Base Prospectus
shall be replaced by the following:
"13.
[(ii):
Status of the BPF Guarantee
Senior]"
The "Form of Final Terms" section set out on page 89 of the Base Prospectus is
supplemented by the addition of item 13(iv):
"13.
[[(iv)] Acceptance by the Directeur général du
Trésor of the State Guarantee for the Notes]
76
[[Insert date]]"
GENERAL INFORMATION
The "General Information" section set out on page 100 of the Base Prospectus is
supplemented by the addition of the following paragraph under the heading "Authorisations":
"The State Guarantee given by the Republic of France was signed on 5 March 2013 by [the
Minister of the Economy and Finance (le Ministre de l'Economie et des Finances)] [acting
pursuant to Article 85 of the Loi no 2012-1510 du 29 décembre 2012 de finances rectificative
pour 2012 (1)]".
The "General Information" section, on page 100 of the Base Prospectus shall be amended to
take into account the publication and incorporation of the 2012 Annual Report and shall now
read as follows under the heading "Material Change":
“Save as disclosed in this Fourth Prospectus Supplement, there has been no significant
change in the financial or trading position and no material adverse change in the prospects, of
PFI since 31 December 2011, in each case which is material or significant in the context of
the issue of Notes.
Save as disclosed in this Fourth Prospectus Supplement, there has been no significant change
in the financial or trading position and no material adverse change in the prospects, of BPF or
BPF Group since 31 December 2012, in each case which is material or significant in the
context of the issue of Notes.”
77
PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THIS FOURTH
PROSPECTUS SUPPLEMENT
In the name of Banque PSA Finance
I declare, to the best of my knowledge (having taken all care to ensure that such is the case),
that the information contained in this Fourth Prospectus Supplement is in accordance with the
facts and contains no omission likely to affect its import.
The historical financial data of BPF as of and for the year ended 31 December 2012 has been
discussed in the statutory auditors report found on pages 109 to 110 of the 2012 AR
concerning the consolidated financial statements of BPF. The statutory auditors’ report
contains one observation.
Paris,19 March 2013
Banque PSA Finance
75, avenue de la Grande Armée
75116 Paris
France
Duly represented by Alain MARTINEZ
Executive Managing Officer
In the name of Peugeot Finance International N.V.
I declare, to the best of my knowledge (having taken all care to ensure that such is the case),
that the information contained in this Fourth Prospectus Supplement is in accordance with the
facts and contains no omission likely to affect its import.
Paris,19 March 2013
Peugeot Finance International N.V.
Goudsesingel 168
Rotterdam 3011 KD
The Netherlands
Duly represented by Denis WORBE
Member of the Managing Board
78
Autorité des marchés financiers
In accordance with Articles L. 412-1 and L. 621-8 of the French Code monétaire et financier
and with the General Regulations (Réglement Général) of the Autorité des marchés financiers
("AMF"), in particular Articles 212-31 to 212-33, the AMF has granted to this Fourth
Prospectus Supplement the visa no. 13-076 on 19 March 2013. This document and the Base
Prospectus as supplemented by the First Prospectus Supplement, the Second Prospectus
Supplement and the Third Prospectus Supplement may only be used for the purposes of a
financial transaction if completed by Final Terms. It was prepared by Banque PSA Finance
and its signatories assume responsibility for it. In accordance with Article L. 621-8-1-I of the
French Code monétaire et financier, the visa was granted following an examination by the
AMF of "whether the document is complete and comprehensible, and whether the
information it contains is coherent". It does not imply that the AMF has verified the
accounting and financial data set out in it. This visa has been granted subject to the
publication of Final Terms in accordance with Article 212-32 of the AMF's General
Regulations, setting out the terms of the securities being issued.
79