Financing of the group

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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

€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+

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

€ 462 million committed revolving syndicated credit facility

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