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Vivendi’s active financing strategy

Vivendi has made a number of financial commitments. The group aims to maintain its long-term debt ratings at BBB (Standard & Poor’s and Fitch) and Baa2 (Moody’s), and plans to extend the average maturity of its debt to more than 4 years (as of March 31, 2012, it stood at 4.3 years versus 4 years as of December 31, 2011). It also intends to increase the share of bonds in its gross debt to over 70% and refinance 1 year in advance as much as possible all expiring bank credit facilities or bond. In addition, it is maintaining a cash buffer of at least €2 billion.

These commitments have led Vivendi to be very active on the bond markets since the beginning of the year and to engage in several financing transactions, including bond issues in euros and US dollars and the redemption of a US-dollar bond issue in January, April and May, as well as the establishment of two bank lines of credit in January and May.

 
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