Group Financing
Credit rating
Vallourec’s debt is rated by credit rating agency Standard & Poor’s.
Short-term credit rating | B |
Long-term credit rating | BB |
Long-term credit rating of the €1 023m bond | BB |
Outlook | Outlook positive |
Credit-rating review date | November 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 issue | Euros (€) |
Dollars ($) | |
Paying agent | Crédit Industriel et Commercial |
Aurel BGC | |
BNP Paribas | |
BRED Banque Populaire | |
CM-CIC | |
Crédit du Nord | |
GFI Securities Limited | |
Placement agents | HPC |
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 |