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Group Financing

Credit rating

Vallourec’s debt is rated by credit rating agency Standard & Poor’s.

Short-term credit ratingB
Long-term credit ratingBB
Long-term credit rating of the €1 023m bondBB
OutlookOutlook positive
Credit-rating review dateNovember 16th, 2023

Short-term borrowing

Commercial paper program. On 12 October 2011, Vallourec implemented a commercial paper program to satisfy its short-term needs.
This program was updated on 20 June 2023 and its main characteristics are as follows:

Maximum limit of the program€1 billion
Term> 1 day
< 365 days
Minimum unit amount€150,000
Currency of issueEuros (€)
Dollars ($)
Paying agentCrédit Industriel et Commercial
Aurel BGC
BNP Paribas
BRED Banque Populaire
CM-CIC
Crédit du Nord
GFI Securities Limited
Placement agentsHPC
ING Bank NV
Kepler Capital Markets
Natixis
Société Générale CIB
TSAF OTC
Short-term credit rating (Standard & Poor’s) B

€1,023 million debt issue in June 2021

Characteristics
Issue price per bond €1,000 minimun and then €1 onwards
Annual Coupon 8,5%
Maturity June 30, 2026
Non-call period 2 years
Long-term credit rating BB

Warrants (Bons de Souscription d’Actions) issue in June 2021

Characteristics
Exercise price €10.11
Number of warrants issued 30 342 337
Maturity June 30, 2026
Exercise date At any time

€ 262 million State-Guaranteed Loans (PGE)

Characteristics
Amount €262,000,000
Maturity June 30, 2027

€ 462 million committed revolving syndicated credit facility

Characteristics
Amount €462,000,000
Maturity June 30, 2026