France

Investors

Nine (9) Financial Institutions currently invest or make available an  estimated USD$ 20.319,65 million in nuclear weapons companies.

 

AXA

AXA currently has an estimated USD$ 3,614.44 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 1 provides an overview of the nuclear weapon companies in which AXA owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 1         Shareholdings of AXA

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock & Wilcox United States 1.07 34.13 31-Mar-2013
Babcock International United Kingdom 0.84 49.80 06-Feb-2013 until 01-Jun-2013
BAE Systems United Kingdom 5.92 1,051.80 31-Dec-2012 until 06-Jun-2013
Boeing United States 0.67 438.28 31-Jan-2013 until31-Mar-2013
Northrop Grumman United States 0.95 156.24 31-Dec-2012 until 31-Mar-2013
Rolls-Royce United Kingdom 5.21 1,532.68 18-Oct-2012 until03-Jun-2013
Serco United Kingdom 4.91 233.44 31-Jan-2013 until25-Mar-2013
URS United States 0.65 23.41 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Table 2 provides an overview of the nuclear weapon companies in which AXA owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 2         Bondholdings of AXA

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
Fluor United States 1.58 8.30 30-Apr-13
GenCorp United States 2.15 14.23 30-Apr-13
Huntington Ingalls Industries United States 3.45 41.41 30-Apr-13 until 30-Apr-13
URS United States 2.64 30.72 30-Apr-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

BNP Paribas

BNP Parabas currently has an estimated USD$ 5,366.37 million invested or available for the nuclear weapons producers identified in this report.

Loans

In September 2010, Aecom secured a US$600 million four-year term credit agreement at a base rate of LIBOR+250.000bps. The proceeds were used for general corporate purposes, to increase working capital, for refinancing and acquisition needs. Under the credit agreement, Aecom borrowed US$ 600 million in term loans and may borrow up to an additional US$ 100 million in term loans upon request subject to certain conditions. BNP Paribas was part of the ten bank syndicate and provided an estimated US$ 45 million.1

In July 2011, Aecom entered into an amended revolving credit facility, with a borrowing capacity of US$ 1,050 million at a base rate of LIBOR+150.000bps and a five-year expiration date. The proceeds would be used as working capital and for general corporate purposes. BNP Paribas was one of the four bookrunners in the ten bank syndicate, participating with an estimated US$ 105 million.2

In June 2013, Aecom entered into a US$ 750 million five-year term loan at a base rate of LIBOR+150.000bps, a second amendment to an existing credit agreement from 2010. The proceeds were destined for capital expenditures, to repay all obligations owing under the existing credit agreement, and for other general corporate purposes. BNP Paribas was part of the 24 bank syndicate and participated with an estimated US$ 20 million.3

In October 2010, Alliant Techsystems secured a US$ 1,000 million five-year credit facility, comprising a US$ 600 million revolver and a US$ 400 million term loan. The proceeds were used for refinancing, to increase working capital and to finance capital expenditures and acquisitions. Bank of the West, a subsidiary of BNP Paribas, was part of the syndicate of 20 banks and provided US$ 30 million.4

In May 2010, Babcock & Wilcox Investment Company, a subsidiary of Babcock & Wilcox, secured a four-year revolving credit facility at a base rate of LIBOR+250.000bps with a value of US$ 700 million. The proceeds were used for working capital, capital expenditure, refinancing and general corporate purposes. BNP Paribas was one of three bookrunners in the 17 bank syndicate and committing an estimated amount of US$ 93 million.5

In June 2012, Babcock & Wilcox secured a US$ 700 million five-year credit facility at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing and general corporate purposes. BNP Paribas was one of the four bookrunners in a syndicate of 17 banks, participating with US$ 62.5 million.6

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. BNP Paribas was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.7

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. BNP Paribas was one of the four bookrunners in a syndicate of 24 banks, and committed an estimated amount of US$ 250 million.8

In July 2012, Bechtel signed a five-year revolving credit facility with a value of US$ 975 million. The proceeds would be used for general corporate purposes. BNP Paribas was one of the two bookrunners in a syndicate of six banks, and committed an estimated amount of US$ 195 million.9

In June 2013, Bechtel signed a five-year revolving credit facility with a value of US$ 3,000 million. The facility is an extension of the US$ 975 million revolving credit from July 2012 and is split in two tranches: a US$ 1,000 million revolver at a base rate of LIBOR+100.000bps, and a US$ 2,000 million revolver at a base rate of LIBOR+55.000bps. The proceeds would be used for refinancing and general corporate purposes. BNP Paribas was one of the four bookrunners in a syndicate of eight banks, and committed an estimated amount of US$ 300 million.10

In March 2010, Boeing secured a credit facility with a value of US$ 865 million, due October 2011. The proceeds were used for general corporate purposes. BNP Paribas was one of two bookrunners in the syndicate of 12 banks, participating with an amount of US$ 15 million.11

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. BNP Paribas was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.12

In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. BNP Paribas participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.13

In December 2010, CH2M Hill secured a US$ 600 million revolving credit facility due December 2015 at a base rate of LIBOR+150.000bps. The proceeds were used for general corporate purposes. BNP Paribas participated in the five bank syndicate, committing an estimated amount of US$ 120 million.14

In April 2012, CH2M Hill signed a US$ 900 million revolving credit facility due April 2017 at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. BNP Paribas participated in the nine bank syndicate, committing an estimated amount of US$ 135 million.15

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. BNP Paribas participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.16

In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. BNP Paribas participatedin the syndicate of ten banks, providing an estimated amount of US$ 400 million.17

In November 2012, Fluor secured a US$ 1,800 million revolving credit facility due November 2017 at a base rate of LIBOR+100.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. BNP Paribas participated in the eight bank syndicate, committing an estimated amount of US$ 270 million.18

In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. BNP Paribas participated in the 29 bank syndicate, committing anamount of US$ 100 million.19

In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. BNP Paribas participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.20

In March 2011, Huntington Ingalls Industries entered into a US$ 1,225 million credit facility. The facility was split in two tranches: a US$ 650 million revolving credit facility due January 2016 at a base rate of LIBOR+300.000bps and a US$ 575 million term loan due January 2017 at a base rate of LIBOR+325.000bps. The proceeds were used for general corporate purposes. BNP Paribas participatedin the syndicate of 20 banks, providing an estimated amount of US$ 45.9 million.21

In March 2012, Jacobs Engineering entered into a US$ 1,160 million revolving credit facility due March 2017 at a base rate of LIBOR+87.500bps. The proceeds were used for general corporate purposes. BNP Paribas and Bank of the West, a subsidiary of BNP Paribas, participated in the eight bank syndicate, committing an estimated amount of US$ 154.7 million and US$ 139.2 million, respectively.22

In September 2011, Northrop Grumman secured a revolving credit facility with a value of US$ 2,000 million at a base rate of LIBOR+75.000bps. The facility was divided in two tranches: a US$ 500 million tranche due September 2012 and a US$ 1,500 million tranche due September 2016. The proceeds were used for general corporate purposes. BNP Paribas participated in the 11 bank syndicate, committing an estimated amount of US$ 171.4 million.23

In September 2012, Northrop Grumman secured a US$ 500 million revolving credit facility due September 2013 at a base rate of LIBOR+75.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. BNP Paribas participated in the 28 bank syndicate, committing an estimated amount of US$ 12.5 million.24

In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. BNP Paribas participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.25

In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. BNP Paribas participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.26

In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. BNP Paribas participated in the 12 bank syndicate, committing an estimated amount of US$ 121.3 million.27

In October 2011, Safran secured a five-year revolving credit facility with a value of € 950 million (US$ 1,320.4 million). The proceeds were used to replace an existing backup facility which was due to mature in January 2012. BNP Paribas participated in the seven bank syndicate, committing an estimated amount of US$ 176.1 million.28

In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. BNP Paribas participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.29

In October 2011, URS entered into a US$ 1,700 million credit facility at a base rate of LIBOR+150.000bps due October 2016. The facility was split in two tranches: a US$ 1,000 million revolving credit facility and a US$ 700 million term loan. The proceeds were used for refinancing bank debt and general corporate purposes. BNP Paribas participatedin the syndicate of 16 banks, providing an estimated amount of US$ 170 million.30

In March 2012, URS entered into a US$ 500 million bridge loan due March 2013 at a base rate of LIBOR+175.000bps. The proceeds will be used for future acquisitions. BNP Paribas was part of the syndicate of ten banks, participating with an estimated amount of US$ 42.9 million.31

Investment banking

In May 2012, BAE Systems issued £ 400 million (US$ 619 million) worth of 4.125% ten-year bonds. The proceeds were used for general corporate purposes. BNP Paribas was one of the four joint bookrunners, underwriting an estimated US$ 155 million.32

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. BNP Paribas participatedin the syndicate of 31 banks, underwriting anamount of US$ 22.5 million.33

 In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. BNP Paribas participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.34

 In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. BNP Paribas Securities, a subsidiary of BNP Paribas, participated in the syndicate of 17 banks, underwriting anamount of US$ 85 million.35

 In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. BNP Paribas participated in the 14 bank syndicate, underwriting an amount of US$ 21 million.36

 In March 2011, Huntington Ingalls Industries issued bonds with a total value of US$ 1,200 million. The issue was split in two tranches: a US$ 600 million7.125% tranche due March 2021 and a US$ 600 million6.875% tranche due March 2016. The proceeds were used for general corporate purposes. BNP Paribas participated in the 13 bank syndicate, underwriting an estimated amount of US$ 33.3 million.37

 In May 2013, Northrop Grumman issued bonds with a total value of US$ 2,850 million. The issue was split in three tranches: a US$ 1,050 million3.250% tranche due August 2023, a US$ 950 million4.750% tranche due June 2043 and a US$ 850 million1.750% tranche due June 2018. The proceeds were used for reducing indebtedness, future acquisitions, working capital, stock repurchase and general corporate purposes. BNP Paribas participated in the 26 bank syndicate,underwriting an estimated amount of US$ 35.6 million.38

 In June 2013, Rolls-Royce Holdings, a subsidiary of Rolls-Royce, issued bonds with a total value of US$ 1,585 million. The issue was split in two tranches: a £ 375 million(US$ 586.5 million) 3.375% tranche due June 2026 and a € 750 million(US$ 998.4 million) 2.125% tranche due June 2021. The proceeds were used for general corporate purposes. BNP Paribas participated in the four bank syndicate,underwriting an estimated amount of US$ 396.2 million.39

 In October 2010 Thales issued bonds with a value of € 600 million (US$ 835.2 million). The bonds have an interest rate of 2.750% and are due October 2016. The proceeds were used for general corporate purposes and for refinancing. BNP Paribas participated in the six bank syndicate,underwriting an estimated amount of US$ 139.2 million.40

 In March 2013, Thales issued bonds with a total value of € 800 million (US$ 1036.7 million). The issue was split in two tranches: a € 300 million(US$ 388.8 million) 2.250% tranche due March 2021 and a € 500 million(US$ 647.9 million) 1.625% tranche due March 2018. The proceeds were used for general corporate purposes. BNP Paribas participated in the seven bank syndicate,underwriting an estimated amount of US$ 148.1 million.41

 In February 2012, ThyssenKrupp issued bonds with a total value of € 1,250 million (US$ 1654.3 million) with an interest rate of4.375% due February 2017. The proceeds were used for general corporate purposes. BNP Paribas participatedin the syndicate of four banks, underwriting an estimated amount of US$ 413.6 million.42

Asset management

Table 3 provides an overview of the nuclear weapon companies in which BNP Paribas owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 3         Bondholdings of BNP Paribas

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
GenCorp United States 0.68 4.50 31-Mar-13
Safran France 1.43 10.67 28-Feb-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

Nuclear Weapons Investment Policy

BNP Paribas, with headquarters in France, has operations in 78 countries and is a leading bank in the euro zone as well as an important player on a global scale.  43 In December 2010, BNP Paribas issued a new policy on the defence sector, which states that BNP Paribas does not want to provide financial products and services to, or invest in, companies that produce, trade or store controversial weapons, which includes nuclear weapons as defined in the Non-Proliferation treaty) or are dedicated for key components. A company is involved as well when it provides assistance, technology or services dedicated to nuclear weapons.

The policy applies to all of BNP Paribas’s activities (lending, debt and equity capital markets, guarantees and advisory work, etc.) and to all BNP Paribas entities managing proprietary assets. BNP Paribas entities managing third-party assets  (with the exception of index-linked products) reflect this policy and develop standards adapted to their businesses that will exclude any stock or issues that do not comply with these standards.44 To carry out this policy, BNP Paribas uses an exclusion list of around 50 companies (both listed and non-listed)45, which is not made public. BNP Paribas updated its policy in March 2012 to publicly address a wider range of issues including corruption, small arms and stronger vigilance regarding conventional weapons, among others.  46

When it comes to investment in nuclear weapons producers, BNP Paribas clarified its policy to explain that “BNP Paribas excludes to maintain any relation with companies involved in their production apart from those involved in the nuclear programs of the “nuclear states” of the Non Proliferation Treaty (NPT) that are members of the North Atlantic Alliance (France, UK, USA). The Group maintains a reinforced due diligence on export and trade financing of dual-use goods to countries at risk of proliferation.”47

While BNP Paribas does have a policy excluding financing in nuclear weapons producing companies, the exceptions allow significant investment in nuclear weapons producers.

NB: BNP Paribas was contacted in advance of this publication and raised concerns about the investments indentified in this research, however at the time of publication they have yet to clarify their concerns.

Caisse des Dépôts et Consignations

Caisse des Dépôts et Consignations currently has an estimated USD$ 494.24 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 4 provides an overview of the nuclear weapon companies in which Caisse des Dépôts et Consignations owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 4         Shareholdings of Caisse des Dépôts et Consignations

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
EADS Netherlands 1.99 494.24 25-Sep-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 

Crédit Agricole

Crédit Agricole currently has an estimated USD$ 4,461.32 million invested or available for the nuclear weapons producers identified in this report.

Loans

In May 2010, Babcock & Wilcox Investment Company, a subsidiary of Babcock & Wilcox, secured a four-year revolving credit facility with a value of US$ 700 million at a base rate of LIBOR+250.000bps. The proceeds were used for working capital, capital expenditure, refinancing and general corporate purposes. Crédit Agricole was part of the 17 bank syndicate, committing an estimated amount of US$ 28 million.48

In June 2012, Babcock & Wilcox secured a US$ 700 million five-year credit facility at a base rate of LIBOR+150.000bps. The proceeds were used for refinancing and general corporate purposes. Crédit Agricole was part of the syndicate of 17 banks, participating with US$ 55 million.49

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Crédit Agricole was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.50

In July 2012, Bechtel signed a five-year revolving credit facility with a value of US$ 975 million. The proceeds would be used for general corporate purposes. Crédit Agricole participated in the syndicate of six banks, and committed an estimated amount of US$ 146 million.51

In June 2013, Bechtel signed a five-year revolving credit facility with a value of US$ 3,000 million. The facility is an extension of the US$ 975 million revolving credit from July 2012 and is split in two tranches: a US$ 1,000 million revolver at a base rate of LIBOR+100.000bps, and a US$ 2,000 million revolver at a base rate of LIBOR+55.000bps. The proceeds would be used for refinancing and general corporate purposes. Crédit Agricole participated in the syndicate of eight banks, and committed an estimated amount of US$ 300 million.52

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Crédit Agricole was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.53

 In November 2011, Boeing entered into a US$ 4,600 million revolving credit facility. The facility was split in two tranches: a one-year US$ 2,300 million tranche at a base rate of LIBOR+82.500bps, which replaced the loan secured in November 2010,and a five-year US$ 2,300 million tranche at a base rate of LIBOR+79.500bps.The proceeds were used for refinancing bank debt and general corporate purposes. Crédit Agricole participatedin the syndicate of 35 banks, providing an estimated amount of US$ 83.6 million.54

 In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Crédit Agricole participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.55

 In December 2010, Fluor entered into a US$ 2,000 million credit facility. The facility was split in two tranches: a US$ 800 million tranche due December 2013 at a base rate of LIBOR+100.000bps and a US$ 1,200 million tranche due December 2015 at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Crédit Agricole participatedin the syndicate of ten banks, providing an estimated amount of US$ 150 million.56

 In November 2012, Fluor secured a US$ 1,800 million revolving credit facility due November 2017 at a base rate of LIBOR+100.000bps. The proceeds were used for refinancing bank debt and general corporate purposes. Crédit Agricole participated in the eight bank syndicate, committing an estimated amount of US$ 180 million.57

 In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Crédit Agricole participated in the 29 bank syndicate, committing anamount of US$ 50 million.58

 In August 2011, Lockheed Martin secured a five-year revolving credit facility with a value of US$ 1,500 million at a base rate of LIBOR+100.000bps. The proceeds were used for general corporate purposes. Crédit Agricole participated in the 21 bank syndicate, committing anamount of US$ 55 million.59

 In May 2011, Rockwell Collins entered into a US$ 850 million five-year unsecured revolving credit at a base rate of LIBOR+87.500bps. The proceeds were used for general corporate purposes, acquisition and refinancing debt. Crédit Agricole was part of the syndicate of 12 banks, participating with an amount of US$ 60 million.60)

 In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. Crédit Agricole participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.61

 In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Crédit Agricole participated in the 23 bank syndicate, committing an estimated amount of US$ 205.8 million.62

 In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. Crédit Agricole participated in the 12 bank syndicate, committing an estimated amount of US$ 254.7 million.63

 In October 2011, Safran secured a five-year revolving credit facility with a value of € 950 million (US$ 1,320.4 million). The proceeds were used to replace an existing backup facility which was due to mature in January 2012. Crédit Agricole participated in the seven bank syndicate, committing an estimated amount of US$ 176.1 million.64

 In March 2012, Serco secured a £ 730 million (US$ 1,159.39 million) revolving credit facility due March 2017. The proceeds were used for refinancing the company’s existing US$ 500 million and £ 400 million credit facilities and certain other bilateral facilities, and for general corporate purposes. Crédit Agricole was part of the syndicate of 16 banks, participating with an estimated amount of US$ 72.5 million.65

 In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. CADIF, a subsidiary of Crédit Agricole, participated in the 20 bank syndicate, committing an estimated amount of US$ 87.9 million.66

 In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Crédit Agricole participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.67

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Crédit Agricole participatedin the syndicate of 31 banks, underwriting anamount of US$ 15 million.68

 In April 2013, Boeing issued bonds with a total value of US$ 350 million with an interest rate of0.950% due November 2018. The proceeds were used for general corporate purposes. Crédit Agricole participatedin the syndicate of 26 banks, underwriting an estimated amount of US$ 4 million.69

 In April 2013, EADS issued new shares, raising € 2,282.6million (US$ 2,986.9 million). The proceeds were used for general corporate purposes. Crédit Agricole participatedin the syndicate of three banks, underwriting an estimated amount of US$ 995.6 million.70

 In September 2011, Fluor issued bonds with a total value of US$ 500 million with an interest rate of3.375% due September 2021. The proceeds were used for general corporate purposes. Crédit Agricole participatedin the syndicate of 17 banks, underwriting anamount of US$ 15 million.71

 In September 2011, Lockheed Martin issued bonds with a total value of US$ 2,000 million. The issue was split in three tranches: a US$ 500 million 2.125% tranche due September 2016, a US$ 900 million 3.350% tranche due September 2021 and a US$ 600 million 4.850% tranche due September 2041. The proceeds were used for general corporate purposes and to reduce indebtedness. Crédit Agricole participated in the 15 bank syndicate,underwriting anamount of US$ 80 million.72

 In October 2010 Thales issued bonds with a value of € 600 million (US$ 835.2 million). The bonds have an interest rate of 2.750% and are due October 2016. The proceeds were used for general corporate purposes and for refinancing. Crédit Agricole participated in the six bank syndicate,underwriting an estimated amount of US$ 139.2 million.73

 In March 2013, Thales issued bonds with a total value of € 800 million (US$ 1,036.7 million). The issue was split in two tranches: a € 300 million(US$ 388.8 million) 2.250% tranche due March 2021 and a € 500 million(US$ 647.9 million) 1.625% tranche due March 2018. The proceeds were used for general corporate purposes. Crédit Agricole participated in the seven bank syndicate,underwriting an estimated amount of US$ 148.1 million.74

Asset management

Table 5 provides an overview of the nuclear weapon companies in which Crédit Agricole owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 5         Shareholdings of Crédit Agricole

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
EADS Netherlands 1.96 547.20 10-Oct-2012 until 31-Dec-2012
Safran France 0.80 177.74 31-May-2013
Thales France 0.97 95.48 30-Nov-2012 until 31-May-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

 Nuclear Weapons Investment Policy

Crédit Agricole group provides retail banking services, specialised financial services, asset management, insurance, private banking and corporate and investment banking to 54 million customers worldwide.75 In November 2010, Crédit Agricole published a framework text for dealing with and excluding counterparties with ties to the arms industry. Its view on controversial weapons is that investments on the bank’s own account or on behalf of third parties (apart from indexed investing), financing of any sort, and services (insurance, mergers & acquisitions, advisory, etc.) are forbidden for companies linked to the production, storage or sale of cluster bombs, sensitive arms (weapons whose financing or proliferation are regulated in some jurisdictions) and other equipment and weapons of defence. Nuclear weapons fall under sensitive arms and, given the particular risks associated with their proliferation, the whole group is forbidden from financing the international trade of sensitive weapons. However, less strict rules apply for non-trading activities. The financing of nuclear weapons is governed by the following specific rules: “Any investment/holding, financing or provision of services (insurance, merger and acquisition, advisory, etc.) involving companies specializing in these types of weapons must be considered a sensitive transaction, unless it is lawful in the jurisdiction in question, and must be submitted for opinion to the Sustainable Development Unit.”  76 Crédit Agricole uses an exclusion list to implement this policy, but has not published it.

While Crédit Agricole does apply a policy to nuclear weapons producers, the policy is neither comprehensive in scope nor does it apply equally to all financial products offered. It is included here for informational purposes and to acknowledge that there is an existing policy.

Crédit Mutuel

Crédit Mutuel currently has an estimated USD$ 960.10 million invested or available for the nuclear weapons producers identified in this report.

Loans

In June 2011, Babcock International secured a £ 500 million (US$ 810 million) five-year credit facility. The proceeds were used for refinancing and general corporate purposes. Crédit Industriel et Commercial (CIC), a subsidiary of Crédit Mutuel, participated in the syndicate of ten banks, providing an estimated US$ 81 million.77)

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Crédit Industriel et Commercial (CIC), a subsidiary of Crédit Mutuel, participated in the 24 bank syndicate, committing an estimated amount of US$ 132 million.78

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Crédit Industriel et Commercial, a subsidiary of Crédit Mutuel, was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.79

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Crédit Mutuel participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.80

 In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. Crédit Mutuel participated in the 12 bank syndicate, committing an estimated amount of US$ 254.7 million.81

 In October 2011, Safran secured a five-year revolving credit facility with a value of € 950 million (US$ 1,320.4 million). The proceeds were used to replace an existing backup facility which was due to mature in January 2012. Credit Industriel Commercial, a subsidiary of Crédit Mutuel, participated in the seven bank syndicate, committing an estimated amount of US$ 198.1 million.82

 In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Credit Industriel Commercial, a subsidiary of Crédit Mutuel, participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.83

Financière de l’Echiquier

Financière de l’Echiquier currently has an estimated USD$ 42.70 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 6 provides an overview of the nuclear weapon companies in which Financière de l’Echiquier owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 6         Shareholdings of Financière de l’Echiquier

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Serco United States 0.94 42.70 31-Oct-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Groupe BPCE

Groupe BPCE currently has an estimated USD$ 1,924.54 million invested or available for the nuclear weapons producers identified in this report.

Loans

In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Natixis, a subsidiary of Groupe BPCE, participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.84

 In October 2011, Safran secured a five-year revolving credit facility with a value of € 950 million (US$ 1,320.4 million). The proceeds were used to replace an existing backup facility which was due to mature in January 2012. Natixis, a subsidiary of Groupe BPCE, participated in the seven bank syndicate, committing an estimated amount of US$ 198.1 million.85

 In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Natixis, a subsidiary of Groupe BPCE, participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.86

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. Natixis, a subsidiary of Groupe BPCE, participatedin the syndicate of 31 banks, underwriting anamount of US$ 7.5 million.87

 In March 2013, Thales issued bonds with a total value of € 800 million (US$ 1036.7 million). The issue was split in two tranches: a € 300 million(US$ 388.8 million) 2.250% tranche due March 2021 and a € 500 million(US$ 647.9 million) 1.625% tranche due March 2018. The proceeds were used for general corporate purposes. Natixis, a subsidiary of Groupe BPCE, participated in the seven bank syndicate,underwriting an estimated amount of US$ 148.1 million.88

Asset management

Table 7 provides an overview of the nuclear weapon companies in which Groupe BPCE owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 7         Shareholdings of Groupe BPCE

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Babcock & Wilcox United States 0.82 26.20 31-Mar-2013
Boeing United States 1.07 697.86 31-Mar-2013 until 30-Apr-2013
General Dynamics United States 2.44 606.40 31-Mar-2013
Northrop Grumman United States 3.08 507.16 31-Mar-2013

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Table 8 provides an overview of the nuclear weapon companies in which Groupe BPCE owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 8         Bondholdings of Groupe BPCE

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
GenCorp United States 1.40 9.20 30-Apr-13
Thales France 0.66 11.88 31-Mar-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

Oddo & Cie

Oddo & Cie currently has an estimated USD$ 174.22 million invested or available for the nuclear weapons producers identified in this report.

Asset management

Table 9 provides an overview of the nuclear weapon companies in which Oddo & Cie owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Table 9         Shareholdings of Oddo & Cie

Company Country % of all outstanding shares Value (US$ mln) Filing date (range)
Safran France 0.97 174.22 31-Dec-2012

Source: Thomson ONE Banker, “Share ownership”, Thomson ONE Banker (www.thomsonone.com), viewed July 2013.

Société Générale

Société Générale currently has an estimated USD$ 3,281.72 million invested or available for the nuclear weapons producers identified in this report.

Loans

In December 2010, BAE Systems secured a five-year revolving credit facility with a value of £ 2,000 million (US$ 3,161 million). The proceeds were used for refinancing and general corporate purposes. Société Générale was part of the 24 bank syndicate, committing an estimated amount of US$ 132 million.89

In June 2011, Bechtel signed a five-year revolving credit facility with a value of US$ 2,500 million. The facility is split in two tranches: a US$ 1,550 million letter of credit and a US$ 950 million revolver. The proceeds would be used to refinance debt and for working capital purposes. Société Générale was part of the syndicate of 24 banks, and committed an estimated amount of US$ 75 million.90

In November 2010, Boeing secured a one-year revolving credit facility with a value of US$ 2,376 million. The proceeds were used to refinance the loan from November 2009 and for general corporate purposes. Société Générale was part of the syndicate of 37 banks, participating with an estimated amount of US$ 40.7 million.91

 In April 2011, EADS secured a five-year revolving credit facility with a value of € 3,000 million (US$ 4,345.3 million), at a base rate of EURIBOR+37.500bps. The proceeds were used for refinancing and for general corporate purposes. Société Générale participated in the 39 bank syndicate, committing an estimated amount of US$ 111.4 million.92

 In March 2011, Honeywell International secured a five-year revolving credit facility with a value of US$ 2,800 million. The proceeds were used for general corporate purposes. Société Générale participated in the 29 bank syndicate, committing anamount of US$ 100 million.93

 In April 2012, Honeywell International secured a US$ 3,000 million revolving credit facility due April 2017. The proceeds were used for refinancing bank debt and general corporate purposes. Société Générale participated in the 16 bank syndicate, committing an estimated amount of US$ 182.1 million.94

 In May 2011, Rolls-Royce & Partners Finance, a subsidiary of Rolls-Royce, entered into a US$ 1,050 million term loan due May 2014. The proceeds were used for general corporate purposes. Société Générale participated in the 19 bank syndicate, committing an estimated amount of US$ 55.3 million.95

 In October 2011, Rolls-Royce secured a five-year revolving credit facility with a value of £ 1,000 million (US$ 1,543.2 million). The proceeds were used to refinance two existing syndicated facilities and for general corporate purposes. Société Générale participated in the 23 bank syndicate, committing an estimated amount of US$ 46.3 million.96

 In December 2010, Safran secured a five-year revolving credit facility with a value of € 1,600 million (US$ 2,122.3 million). The proceeds were used for general corporate purposes. Société Générale participated in the 12 bank syndicate, committing an estimated amount of US$ 254.7 million.97

 In October 2011, Safran secured a five-year revolving credit facility with a value of € 950 million (US$ 1,320.4 million). The proceeds were used to replace an existing backup facility which was due to mature in January 2012. Société Générale participated in the seven bank syndicate, committing an estimated amount of US$ 198.1 million.98

 In March 2011, SAIC signed a US$ 750 million revolving credit facility due March 2015 at a base rate of LIBOR+120.000bps. The proceeds were used for general corporate purposes and refinancing of a 2007 loan. Société Générale was part of the syndicate of nine banks, participating with an estimated amount of US$ 64.3 million.99

 In December 2010, Thales secured a five-year revolving credit facility with a value of € 1,500 million (US$ 1,978.6 million). The proceeds were used to refinance a loan which was due to mature in December 2011 and for general corporate purposes. Société Générale participated in the 20 bank syndicate, committing an estimated amount of US$ 107.9 million.100

Investment banking

In July 2011, Boeing Capital Corporation, a subsidiary of Boeing, issued bonds for a total value of US$ 750 million. The issue was split in two tranches: a US$ 500 million 2.125% tranche due August 2016 and a US$ 250 million 2.900% tranche due August 2018. The proceeds were used for general corporate purposes and to reduce indebtedness. SG Americas Securities, a subsidiary of Société Générale, participatedin the syndicate of 31 banks, underwriting anamount of US$ 7.5 million.101

 In April 2013, EADS issued new shares, raising € 2282.6million (US$ 2986.9 million). The proceeds were used for general corporate purposes. Société Générale participatedin the syndicate of three banks, underwriting an estimated amount of US$ 995.6 million.102

 In July 2011, Honeywell International issued bonds with a total value of US$ 1,400 million. The issue was split in two tranches: a US$ 800 million4.250% tranche due March 2021 and a US$ 600 million5.375% tranche due March 2041. The proceeds were used for reduce indebtedness and general corporate purposes. SG Americas Securities, a subsidiary of Société Générale, participated in the 14 bank syndicate,underwriting anamount of US$ 21 million.103

 In March 2013, Safran issued new shares, raising € 448.5million (US$ 573.2 million). Société Générale was the sole bookrunner of the issue, underwriting the whole amount of US$ 573.2 million.104

 In December 2010, SAIC issued bonds with a total value of US$ 750 million. The issue was split in two tranches: a US$ 450 million4.450% tranche due December 2020 and a US$ 300 million5.950% tranche due December 2040. The proceeds were used for repurchasing additional shares of common stock and general corporate purposes. Société Générale Securities, a subsidiary of Société Générale, participated in the ten bank syndicate,underwriting an estimated amount of US$ 26.8 million.105

 In October 2010 Thales issued bonds with a value of € 600 million (US$ 835.2 million). The bonds have an interest rate of 2.750% and are due October 2016. The proceeds were used for general corporate purposes and for refinancing. Société Générale participated in the six bank syndicate,underwriting an estimated amount of US$ 139.2 million.106

 In March 2013, Thales issued bonds with a total value of € 800 million (US$ 1036.7 million). The issue was split in two tranches: a € 300 million(US$ 388.8 million) 2.250% tranche due March 2021 and a € 500 million(US$ 647.9 million) 1.625% tranche due March 2018. The proceeds were used for general corporate purposes. Société Générale participated in the seven bank syndicate,underwriting an estimated amount of US$ 148.1 million.107

Asset management

Table 10 provides an overview of the nuclear weapon companies in which Société Génerale owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Table 10      Bondholdings of Société Génerale

Company Country % of all outstanding bonds Value (US$ mln) Filing date (range)
Safran France 1.18 8.82 28-Feb-13

Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed July 2013.

 

 

  1. Thomson ONE Banker, ”Tearsheet 2624708115”, Thomson ONE Banker (www.thomsonone.com), 15 September 2010; AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 8-K”, AECOM Technology Corporation, 16 September 2010 (www.sec.gov/Archives/edgar/data/868857/000110465910049499/a10-18203_18k.htm); AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 10-Q”, AECOM Technology Corporation, 30 June 2011 (edgar.secdatabase.com/2765/110465911044335/filing-main.htm). ↩

  2. Thomson ONE Banker, ”Tearsheet 2755473115”, Thomson ONE Banker (www.thomsonone.com), 13 July 2011; AECOM Technology Corporation, “United States Securities and Exchange Commission: Form 8-K”, AECOM Technology Corporation, 20 July 2011 (www.sec.gov/Archives/edgar/data/868857/000110465911040804/a11-21881_18k.htm). ↩

  3. Thomson ONE Banker, ”Tearsheet 2987265115”, Thomson ONE Banker (www.thomsonone.com), 7 June 2013; AECOM Technology Corporation, “United States Securities and Exchange Commission: Second amended and restated credit agreement”, AECOM Technology Corporation, 7 June 2013 (www.sec.gov/Archives/edgar/data/868857/000110465913049042/a13-14922_1ex10d1.htm). ↩

  4. Thomson ONE Banker, “Tearsheet 2632374115”, Thomson ONE Banker (www.thomsonone.com), 7 October 2010; Alliant Techsystems, “United States Securities and Exchange Commission: Form 8-K”, Alliant Techsystems, 7 October 2010 (www.sec.gov/Archives/edgar/data/866121/000110465910052198/a10-19273_18k.htm). ↩

  5. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2582202115”, Thomson ONE Banker (www.thomsonone.com), 30 April 2010; Babcock & Wilcox, “Credit Agreement dated as of May 3, 2010”, Babcock & Wilcox, 3 May 2010; Babcock & Wilcox, “Annual Report 10K”, Babcock & Wilcox, March 2011 (phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDIwMTc5fENoaWxkSUQ9NDMzNjMzfFR5cGU9MQ==&t=1). ↩

  6. Thomson ONE Banker, “ Tearsheet 2855248115”, Thomson ONE Banker (www.thomsonone.com), 8 June 2012; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Wilson, J., “Babcock & Wilcox amends $700M credit facility”, Website Charlotte BusinessJournal, 11 June 2012 (www.bizjournals.com/charlotte/news/2012/06/11/babcock-wilcox-amends-700m-credit.html); Babcock & Wilcox, “Amended and restated credit agreement”,Babcock & Wilcox, 8 June 2012 (www.sec.gov/Archives/edgar/data/1486957/000119312512268208/d365304dex101.htm). ↩

  7. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. ↩

  8. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011.. ↩

  9. Thomson ONE Banker, ”Tearsheet 2876865115”, Thomson ONE Banker (www.thomsonone.com), 27 June 2012. ↩

  10. Thomson ONE Banker, “Tearsheet 2984455115”, Thomson ONE Banker (www.thomsonone.com), 14 June 2013; Bloomberg Database, “Loan Finder”, Bloomberg Database, viewed July 2013.. ↩

  11. Thomson ONE Banker, “Tearsheet 2566490115”, Thomson ONE Banker (www.thomsonone.com), 17 March 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  12. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. ↩

  13. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 16 November 2011. ↩

  14. Thomson ONE Banker, “Tearsheet 2672534116”, Thomson ONE Banker (www.thomsonone.com), 06 December 2010. ↩

  15. Thomson ONE Banker, “Tearsheet 2848497116”, Thomson ONE Banker (www.thomsonone.com), 19 April 2012. ↩

  16. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  17. Thomson ONE Banker, “Tearsheet 2677261116 and 2677260116”, Thomson ONE Banker (www.thomsonone.com), 14 December 2010. ↩

  18. Thomson ONE Banker, “Tearsheet 2910503116”, Thomson ONE Banker (www.thomsonone.com), 09 November 2012. ↩

  19. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  20. Thomson ONE Banker, “Tearsheet 2835497116”, Thomson ONE Banker (www.thomsonone.com), 02 April 2012. ↩

  21. Thomson ONE Banker, “Tearsheet 2710668116 and 2710669116”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011. ↩

  22. Thomson ONE Banker, “Tearsheet 2833952116”, Thomson ONE Banker (www.thomsonone.com), 23 March 2012. ↩

  23. Northrop Grumman, “Second Amended and Restated Credit Agreement dated as of September 8, 2011”, Northrop Grumman, 8 September 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheet 2770737115”, Thomson ONE Banker (www.thomsonone.com), 8 September 2011. ↩

  24. Thomson ONE Banker, “Tearsheet 2886058116”, Thomson ONE Banker (www.thomsonone.com), 04 September 2012. ↩

  25. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. ↩

  26. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  27. Thomson ONE Banker, “Tearsheet 2670327115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with 13 banks a Euro 1.6 billion credit facility with a 5-year maturity”, Safran, 9 December 2010, available at http://www.safran-group.com/site-safran-en/press-media/press-releases/2010-698/article/safran-signs-with-13 banks-a-euro-10785?10785 ↩

  28. Thomson ONE Banker, “Tearsheet 2786447115”, Thomson ONE Banker (www.thomsonone.com), 21 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with leading international banks a Euro 950 million credit facility with a 5-year maturity”, Safran, 24 October 2011, available at http://www.safran-group.com/site-safran-en/finance-397/financial-publications/financial-press-releases/2011-727/article/safran-signs-with-leading ↩

  29. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  30. Thomson ONE Banker, “Tearsheet 2784451116 and 2784452116”, Thomson ONE Banker (www.thomsonone.com), 19 October 2011. ↩

  31. Thomson ONE Banker, “Tearsheet 2833580116”, Thomson ONE Banker (www.thomsonone.com), 02 March 2012. ↩

  32. Thomson ONE Banker, “Tearsheet 2420187006”, Thomson ONE Banker (www.thomsonone.com), 30 May 2012; Bloomberg Database, “ Corporates by ticker”, Bloomberg Database, viewed July 2013. ↩

  33. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  34. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. ↩

  35. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. ↩

  36. Honeywell International, “Prospectus supplement: $800,000,000 4.250% Senior Notes Due 2021, $600,000,000 5.375% Senior Notes Due 2041”, Honeywell International, 14 February 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheets 2280086001 and 2280355001”, Thomson ONE Banker (www.thomsonone.com), 14 February 2011. ↩

  37. Thomson ONE Banker, “Tearsheet 2281859006 and 2286742006”, Thomson ONE Banker (www.thomsonone.com), 04 March 2011.

     In November 2010, Northrop Grumman issued bonds with a total value of US$ 1,500 million. The issue was split in three tranches: a US$ 500 million 1.850% tranche due November 2015, a US$ 300 million 5.050%tranche due November 2040 and a US$ 700 million 3.500% tranche due March 2021. The proceeds were used for general corporate purposes, to reduce indebtedness and for working capital. BNP Paribas Securities, a subsidiary of BNP Paribas, participated in the 12 bank syndicate,underwriting anamount of US$ 75 million. ((Thomson ONE Banker, “Tearsheet”, Thomson ONE Banker (www.thomsonone.com), 01 November 2010. ↩

  38. Thomson ONE Banker, “Tearsheet 2525118001, 2525403001 and 2525406001”, Thomson ONE Banker (www.thomsonone.com), 28 May 2013. ↩

  39. Thomson ONE Banker, “Tearsheet 2529078006 and 2529079006”, Thomson ONE Banker (www.thomsonone.com), 11 June 2013. ↩

  40. Thomson ONE Banker, “Tearsheet 2228987006”, Thomson ONE Banker (www.thomsonone.com), 12 October 2010; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  41. Thomson ONE Banker, “Tearsheet 2504221006 and 2504223006”, Thomson ONE Banker (www.thomsonone.com), 13 March 2013. ↩

  42. Thomson ONE Banker, “Tearsheet 2390122006”, Thomson ONE Banker (www.thomsonone.com), 21 February 2012. ↩

  43. BNP Paribas, “About Us”, available at http://www.bnpparibas.com/en/about-us, last viewed July 2013. ↩

  44. BNP Paribas Corporate Social Responsibility, “Sector Policy – Defence”, p. 3, 4, 6, available at http://www.bnpparibas.com/sites/default/files/ckeditor-upload/files/PDF/Nous%20Connaitre/Développement%20Durable/CSR%20-%20Sector%20Policy%20-%20Defense%20-%20public%20policy_2012.pdf, last viewed July 2013. ↩

  45. Clarified in an email from Emmanuelle Bru, BNP Paribas, received 9 August 2013. ↩

  46. Clarified in an email from Emanuelle Bru, BNP Paribas, received 9 August 2013. ↩

  47. Clarified in an email from Emmanuelle Bru, BNP Paribas, received 9 August 2013 ↩

  48. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2582202115”, Thomson ONE Banker (www.thomsonone.com), 30 April 2010; Babcock & Wilcox, “Credit Agreement dated as of May 3, 2010”, Babcock & Wilcox, 3 May 2010; Babcock & Wilcox, “Annual Report 10K”, Babcock & Wilcox, March 2011 (phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDIwMTc5fENoaWxkSUQ9NDMzNjMzfFR5cGU9MQ==&t=1). ↩

  49. Thomson ONE Banker, “ Tearsheet 2855248115”, Thomson ONE Banker (www.thomsonone.com), 8 June 2012; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Wilson, J., “Babcock & Wilcox amends $700M credit facility”, Website Charlotte BusinessJournal, 11 June 2012 (www.bizjournals.com/charlotte/news/2012/06/11/babcock-wilcox-amends-700m-credit.html); Babcock & Wilcox, “Amended and restated credit agreement”,Babcock & Wilcox, 8 June 2012 (www.sec.gov/Archives/edgar/data/1486957/000119312512268208/d365304dex101.htm). ↩

  50. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. ↩

  51. Thomson ONE Banker, ”Tearsheet 2876865115”, Thomson ONE Banker (www.thomsonone.com), 27 June 2012. ↩

  52. Thomson ONE Banker, “Tearsheet 2984455115”, Thomson ONE Banker (www.thomsonone.com), 14 June 2013; Bloomberg Database, “Loan Finder”, Bloomberg Database, viewed July 2013. ↩

  53. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. ↩

  54. Thomson ONE Banker, “Tearsheet 2900612116 and 2900613116”, Thomson ONE Banker (www.thomsonone.com), 24 November 2011. ↩

  55. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  56. Thomson ONE Banker, “Tearsheet 2677261116 and 2677260116”, Thomson ONE Banker (www.thomsonone.com), 14 December 2010. ↩

  57. Thomson ONE Banker, “Tearsheet 2910503116”, Thomson ONE Banker (www.thomsonone.com), 09 November 2012. ↩

  58. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  59. Lockheed Martin, “Form 8-K”, Lockheed Martin, 26 August 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=11&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheet 2767733115”, Thomson ONE Banker (www.thomsonone.com), 26 August 2011. ↩

  60. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. Rockwell Collins, “United States Securities and Exchange Commission: Form 8-K”, Rockwell Collins, Inc., 26 May 2011. (investor.rockwellcollins.com/phoenix.zhtml?c=129998&p=irol-sec&secCat01.1_rs=21&secCat01.1_rc=10&control_searchbox=&control_selectgroup=3 ↩

  61. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. ↩

  62. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  63. Thomson ONE Banker, “Tearsheet 2670327115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with 13 banks a Euro 1.6 billion credit facility with a 5-year maturity”, Safran, 9 December 2010, available at http://www.safran-group.com/site-safran-en/press-media/press-releases/2010-698/article/safran-signs-with-13 banks-a-euro-10785?10785 ↩

  64. Thomson ONE Banker, “Tearsheet 2786447115”, Thomson ONE Banker (www.thomsonone.com), 21 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with leading international banks a Euro 950 million credit facility with a 5-year maturity”, Safran, 24 October 2011, available at http://www.safran-group.com/site-safran-en/finance-397/financial-publications/financial-press-releases/2011-727/article/safran-signs-with-leading ↩

  65. Thomson ONE Banker, “Tearsheet 2822928116”, Thomson ONE Banker (www.thomsonone.com), 28 March 2012. ↩

  66. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  67. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  68. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  69. Thomson ONE Banker, “Tearsheet 2517586001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013. ↩

  70. Thomson ONE Banker, “Tearsheet 2511749009”, Thomson ONE Banker (www.thomsonone.com), 09 April 2013. ↩

  71. Thomson ONE Banker, “Tearsheet 2343193001”, Thomson ONE Banker (www.thomsonone.com), 08 September 2011. ↩

  72. Lockheed Martin, “Prospectus supplement: $500,000,000 2.125% Notes Due 2016, $900,000,000 3.350% Notes Due 2021, $600,000,000 4.850% Notes Due 2041”, Lockheed Martin, 6 September 2011, available at http://phx.corporate-ir.net/phoenix.zhtml?c=83941&p=irol-sec&secCat01.1_rs=1&secCat01.1_rc=10&control_symbol=; Thomson ONE Banker, “Tearsheets 2342467001, 2342508001 and 2342509001”, Thomson ONE Banker (www.thomsonone.com), 6 September 2011. ↩

  73. Thomson ONE Banker, “Tearsheet 2228987006”, Thomson ONE Banker (www.thomsonone.com), 12 October 2010; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  74. Thomson ONE Banker, “Tearsheet 2504221006 and 2504223006”, Thomson ONE Banker (www.thomsonone.com), 13 March 2013. ↩

  75. Crédit Agricole, “Crédit Agricole, a leader in Europe”, Crédit Agricole website (http://www.credit-agricole.com/en/Group/Credit-Agricole-a-leader-in-Europe), Last viewed July 2013. ↩

  76. Crédit Agricole S.A., “Internal Memo – Procedures NP No. 2010-13”, 30 November 2010, available at http://www.credit-agricole.com/en/Sustainable-development/Area-for-analysts/Group-s-Sector-policies, last viewed July 2013. ↩

  77. Thomson ONE Banker, ”Tearsheet 2754346115”, Thomson ONE Banker (www.thomsonone.com), 17 June 2011; Babcock International, “Annual Report 2013”, Babcock International, 5 June 2013; Babcock International, “Interim Management Statement”, Babcock International, 7 July 2011 (www.babcock.co.uk/media/53009/interim_management_statement_press_release.pdf ↩

  78. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. ↩

  79. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011.. ↩

  80. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  81. Thomson ONE Banker, “Tearsheet 2670327115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with 13 banks a Euro 1.6 billion credit facility with a 5-year maturity”, Safran, 9 December 2010, available at http://www.safran-group.com/site-safran-en/press-media/press-releases/2010-698/article/safran-signs-with-13 banks-a-euro-10785?10785 ↩

  82. Thomson ONE Banker, “Tearsheet 2786447115”, Thomson ONE Banker (www.thomsonone.com), 21 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with leading international banks a Euro 950 million credit facility with a 5-year maturity”, Safran, 24 October 2011, available at http://www.safran-group.com/site-safran-en/finance-397/financial-publications/financial-press-releases/2011-727/article/safran-signs-with-leading ↩

  83. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  84. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  85. Thomson ONE Banker, “Tearsheet 2786447115”, Thomson ONE Banker (www.thomsonone.com), 21 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with leading international banks a Euro 950 million credit facility with a 5-year maturity”, Safran, 24 October 2011, available at http://www.safran-group.com/site-safran-en/finance-397/financial-publications/financial-press-releases/2011-727/article/safran-signs-with-leading ↩

  86. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  87. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  88. Thomson ONE Banker, “Tearsheet 2504221006 and 2504223006”, Thomson ONE Banker (www.thomsonone.com), 13 March 2013. ↩

  89. Thomson ONE Banker, “Tearsheet 2674588115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013. ↩

  90. Bloomberg Database, “Loan finder”, Bloomberg Database, viewed July 2013; Thomson ONE Banker, “Tearsheet 2758129115”, Thomson ONE Banker (www.thomsonone.com), 2 June 2011. ↩

  91. Thomson ONE Banker, “Tearsheet 2645490115”, Thomson ONE Banker (www.thomsonone.com), 12 November 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; The Boeing Company, “364-Day Credit Agreement”, The Boeing Company, 12 November 2010. ↩

  92. Thomson ONE Banker, “Tearsheet 2705573115”, Thomson ONE Banker (www.thomsonone.com), 14 April 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  93. Honeywell International, “Five “Year Credit Agreement”, Honeywell International, 31 March 2011; Thomson ONE Banker, “Tearsheet 2706948115”, Thomson ONE Banker (www.thomsonone.com), 31 March 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  94. Thomson ONE Banker, “Tearsheet 2835497116”, Thomson ONE Banker (www.thomsonone.com), 02 April 2012. ↩

  95. Thomson ONE Banker, “Tearsheet 2749948116, 2749949116 and 2749950116”, Thomson ONE Banker (www.thomsonone.com), 16 May 2011. ↩

  96. Thomson ONE Banker, “Tearsheet 2779465115”, Thomson ONE Banker (www.thomsonone.com), 3 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  97. Thomson ONE Banker, “Tearsheet 2670327115”, Thomson ONE Banker (www.thomsonone.com), 8 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with 13 banks a Euro 1.6 billion credit facility with a 5-year maturity”, Safran, 9 December 2010, available at http://www.safran-group.com/site-safran-en/press-media/press-releases/2010-698/article/safran-signs-with-13 banks-a-euro-10785?10785 ↩

  98. Thomson ONE Banker, “Tearsheet 2786447115”, Thomson ONE Banker (www.thomsonone.com), 21 October 2011; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011; Safran, “Safran signs with leading international banks a Euro 950 million credit facility with a 5-year maturity”, Safran, 24 October 2011, available at http://www.safran-group.com/site-safran-en/finance-397/financial-publications/financial-press-releases/2011-727/article/safran-signs-with-leading ↩

  99. Thomson ONE Banker, “Tearsheet 2705580116”, Thomson ONE Banker (www.thomsonone.com), 11 March 2011. ↩

  100. Thomson ONE Banker, “Tearsheet 2674952115”, Thomson ONE Banker (www.thomsonone.com), 17 December 2010; Bloomberg Database, “Loan finder”, Bloomberg Database, viewed November 2011. ↩

  101. Thomson ONE Banker, “Tearsheets 2332822001 and 2332945001”, Thomson ONE Banker (www.thomsonone.com), 28 July 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  102. Thomson ONE Banker, “Tearsheet 2511749009”, Thomson ONE Banker (www.thomsonone.com), 09 April 2013. ↩

  103. Honeywell International, “Prospectus supplement: $800,000,000 4.250% Senior Notes Due 2021, $600,000,000 5.375% Senior Notes Due 2041”, Honeywell International, 14 February 2011; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011; Thomson ONE Banker, “Tearsheets 2280086001 and 2280355001”, Thomson ONE Banker (www.thomsonone.com), 14 February 2011. ↩

  104. Thomson ONE Banker, “Tearsheet 2508621095”, Thomson ONE Banker (www.thomsonone.com), 27 March 2013. ↩

  105. Thomson ONE Banker, “Tearsheet 2248683006 and 2248855006”, Thomson ONE Banker (www.thomsonone.com), 13 December 2010. ↩

  106. Thomson ONE Banker, “Tearsheet 2228987006”, Thomson ONE Banker (www.thomsonone.com), 12 October 2010; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed November 2011. ↩

  107. Thomson ONE Banker, “Tearsheet 2504221006 and 2504223006”, Thomson ONE Banker (www.thomsonone.com), 13 March 2013. ↩