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As of December ‚31, 2015As of June 30, 2016
In millions of Euro
Synthetic bonds (1)-401.1
Convertible bond (2)483.22.1
Private placements (3)869.1869.5
Bank borrowings (4)273.7282.8
Total non-current financial debts1,626.01,555.5
Convertible bond (2)550489.3
Commercial papers200200
Bank borrowings (4)160.529.4
Accrued interests payables26.629.3
Total current financial debts937.1748
Total financial debts2,563.12,303.5

(1)  On January 20, 2016, Technip issued a €375 million convertible bond, followed by a tap issuance on March 3, 2016 of €75 million. These issues of non-dilutive cash that settled convertible bonds linked to Technip Shares were backed up simultaneously by the purchase of cash-settled equity call options to hedge Technip’s economic exposure to the potential exercise of the conversion right embedded in the bonds. These bonds mature in January 2021 and will bear an annual coupon rate of 0.875%. Technip intends to use the net proceeds of these bond issuances for general corporate purposes and to finance the purchase of the call options.

(2)  OCEANE bonds issued on December 15, 2011 for a total amount of €497.6 million. In accordance with IAS 32, the OCEANE is recognized in two distinct components: a debt component is recognized at the amortized cost for an initial amount of €420.4 million and a conversion option component is recognized in equity for €73.1 million. As of June 30, 2016, the debt component amounted to €489.3 million. These bonds have been redeemed at their maturity date on January 2, 2017.
A convertible debenture issued by Global Industries on July 27, 2007 for a total amount of USD325 million (recorded for €251.2 million as of December 31, 2011). This bond came along with an annual interest rate of 2.75% and a maturity date of August 1, 2027. On January 11, 2012, Global Industries reimbursed a principal amount of USD322.6 million (corresponding to 99.3% of outstanding bonds) and paid USD3.9 million in interests to the bondholders. These bonds have been redeemed as of September 2016.

(3)  On July 27, 2010, Technip achieved a private placement for €200 million. (recorded for €198.8 million as of June 30, 2016).The maturity is 10 years; the annual coupon rate is 5.0%.
On June 14, 2012, Technip achieved a private placement for €150 million (recorded for €149.9 million as of June 30, 2016). The maturity is 10 years; the annual coupon rate is 3.4%.
On June 14, 2012, Technip achieved a private placement for €100 million (recorded for €96.0 million as of June 30, 2016). The maturity is 20 years; the annual coupon rate is 4.0%.
On June 15, 2012, Technip achieved a private placement for €75 million (recorded for €74.9 million as of June 30, 2016). The maturity is 15 years; the annual coupon rate is 4.0%.
On October 7, 2013, Technip achieved a private placement for €100 million (recorded for €96.3 million as of June 30, 2016). The maturity is 20 years; the annual coupon rate is 3.75%.
On October 16, 2013, Technip achieved a private placement for €130 million (recorded for €128.9 million as of June 30, 2016). The maturity is 10 years; the annual coupon rate is 3.15%.
On October 18, 2013, Technip achieved a private placement for €125 million (recorded for €125.0 million as of June 30, 2016). The maturity is 10 years; the annual coupon rate is 3.15%.

(4)  Bank borrowings and credit facilities principally represent drawings on loans granted to one of the Brazilian subsidiaries for the purpose of pre-financing exports and re-financing investments.

Short TermLong TermOutlook
Standard & Poor'sA-2BBB+Stable
Moody’sP-2(1)Baa2Negative

(1)  Rating applicable for FMC Technologies US Commercial Paper program