Financing of the group

Credit rating

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

Short-term credit rating

B

Long-term credit rating

B

Long-term credit rating of the €1 023m bond

B+

Credit-rating review date

01/07/2021

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 08 June 2021 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

Newedge Group

Société Générale CIB

TSAF OTC

Short-term credit rating (Standard & Poor’s)

B

Read the offering memorandum related to the commercial paper program

See the commercial paper outstanding

€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

B+

Press release dated on July 1, 2021

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

Press release dated on July 1, 2021

€ 262 million State-Guaranteed Loans (PGE)

Characteristics

Amount

€262,000,000

Maturity

June 30, 2022, extension possible until June 30, 2027 at Vallourec’s request

Press release dated on July 1, 2021

€ 462 million committed revolving syndicated credit facility

Characteristics

Amount

€462,000,000

Maturity

30 juin 2026

Press release dated on July 1, 2021