Financing of the Group

To support the development of its projects, finance the group's general requirements and strengthen its financial structure, Vallourec has diversified its financial resources by means of a commercial paper programme, two bond issues, two private debt issues, a syndicated loan and various banking lines.

Short-term borrowings: Commercial paper programme

On October 12, 2011, Vallourec implemented a commercial paper programme to address short-term capital needs.

Revenue cap's program 1 billion euros
Duration > 1 day
< 365 days
Unit amount price 150,000 euros
Currency of issue

​Euros (€)
Dollars ($)

Paying agents Crédit Industriel et Commercial
Dealers

​Aurel BGC
BNP Paribas
BRED
CM - CIC
Crédit du Nord
GFI
HSBC France
HPC
ING
Natixis
Newedge
Société Générale CIB
TSAF OTC

Short-time rating B


Consult the financial presentation of the Commercial Paper Programme (in French)

Consult the outstanding notes under this programme (in French)

Credit Update

Presentation of September 7, 2017

Presentation of May 9 and 10, 2017

Presentation of January 19, 2017

​​

Medium and long-term borrowings:

 

Two private debt issues in August 2012

Vallourec has completed two long-term private debt issues for a total amount of €455 million.

The respective amounts and maturities of these two private debt issues are €400 million over 7 years with an annual coupon of 3.25% and €55 million over 15 years with an annual coupon of 4.125%.

Read the press release dated August 1st, 2012: "Vallourec concludes two private debt issues"

 
Nominal value 100,000 euros
Number of bonds issued 4,000
Interest(1) 3.25%
Maturity 2 August 2019
Long-term rating B-
(1) The interest payable on August 2 of each year is equal to 3.25% of the nominal value of the bondThis loan is listed on the Euronext stock exchange in Paris.

Consult the full prospectus dated August 1st, 2012


Nominal value 100,000 euros
Number of bonds issued 550
Interest(1) 4.125%
Maturity 2 August 2027

(1) The interest payable on August 2 of each year is equal to 4.125% of the nominal value of the bond.

 

€500 million bond issue in September 2014

In September 2014, Vallourec completed a €500 million bond issue maturing in September 2024 (10-year-maturity) with an annual interest rate of 2.25%.
 
This loan is listed on the Euronext stock exchange in Paris.
 
  • Characteristics
  • Nominal value 100,000 euros
    Number of bonds issued 5,000
    Interest(1) 2.25%
    Maturity 30 September 2024
    Long-term rating B-
    (1) The interest payable on September 30 of each year is equal to 2.25% of the nominal value of the bond.

Read the press release dated September 29, 2014: "Successful €500 million bond issue for Vallourec"

Consult the full prospectus dated September 26, 2014


€650 million bond issued in December 2011 and repaid on 14 February 2017

Read the press release dated December 7, 2011: "Successful inaugural bond issue for Vallourec"

Consult the full prospectus dated December 12, 2011

  

€250 million OCEANE issue in September 2017

In September 2017, Vallourec completed a €250 million Bonds Convertible into New Shares and/or Exchangeable for Existing Shares (OCEANEs) maturing in September 2022 with an annual interest rate of 4.125%.

 

  • Characteristics
Total amount €250 M
Number of bonds issued 36,284,470
Coupon 4.125%
Settlement-delivery date 4 October 2017
Maturity 4 October 2022

Terms and Conditions

€550 senior notes issue in October 2017

 

Vallourec issued €400 million senior notes on 11 October 2017 supplemented by an additional €150 million senior notes issue on 23 October 2017. These two issues form a single series of senior notes for a total amount of €550 million due in October 2022 with an annual interest rate of 6.625%.

This loan is listed in Luxemburg.

  • Characteristics
Nominal value
€100,000
Number of bonds issued5,500
Interest
6.625%
Maturity
15 October 2022
Long-term rating
B-

Read the press release dated October 11, 2017: "Vallourec successfully prices €400 million senior notes offering"

Read the press release dated October 23, 2017: "Vallourec successfully prices additional €150 million senior notes offering"


€400 senior notes issue in April 2018

Vallourec issued €400 million senior notes on 12 April 2018 due October 2023 with an annual interest rate of 6.375%.

This loan is listed in Luxemburg.

  • Characteristics
Nominal value
€100,000
Number of bonds issued4,000
Interest
6.375%
Maturity
15 October 2023
Long-term rating
B-

Read the press release dated April 12, 2018: "Vallourec successfully prices offering of €400 million senior notes due 2023"


Medium and long-term credit facilities

As at 30 June 2018, Vallourec's medium and long-term committed credit facilities amounted to €2.2 billion:

  • €1.1 billion revolving credit facility maturing in February 2021;
  • €450 million revolving credit facility maturing in February 2020;
  • €400 million revolving credit facility maturing in July 2020;
  • €90 million revolving bilateral credit facility maturing in February 2021.
  • €110 million credit line maturing in April 2027.

In addition, Vallourec Star entered in a USD80 million revolving credit facility maturing in March 2019.

 

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Corporate Treasury and Financing


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