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Financing of the group

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Credit rating

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

Long-term credit rating
CC
Short-term credit rating
C - review date: 31/03/2020
Outlook
Outlook negative
Credit-rating review date
24/11/2020

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 04 June 2019, 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)
C
Read the offering memorandum related to the commercial paper program

                                                 

See the commercial paper outstanding

€55 million private placement issue in August 2012

Characteristics
Issue price per bond
€100,000
Number of bonds issued
550
Coupon
4.125%
Maturity
2 August 2027

€500 million debt issue in September 2014

Characteristics
Issue price per bond
€100,000
Number of bonds issued
5,000
Coupon (*)
2.25%
Maturity
30 September 2024
Long-term credit rating
CC

* (*) The coupon payable each year on 30 September is 2.25% of the bond’s face value per year.

Read the press release dated 29 September 2014

                                                 

€250 million OCEANE issue in September 2017

Characteristics
Total amount
€250 million
Number of bonds issued
36,284,470
Coupon
4.125%
Settlement date
4 October 2017
Maturity
4 October 2022
Read the press release dated 27 September 2017

                                                 

Read the terms and conditions

                                                 

Adjustment of the conversion / exchange ratio of the OCEANES

€550 million debt issue in October 2017

Characteristics
Issue price per bond
€100,000
Number of bonds issued
5,500
Coupon
6.625%
Maturity
15 October 2022
Long-term credit rating
CC
Read the press release dated 11 October 2017

                                                 

Read the press release dated 23 October 2017

€400 million debt issue in April 2018

Characteristics
Issue price per bond
€100,000
Number of bonds issued
4,000
Coupon
6.375%
Maturity
15 October 2023
Long-term credit rating
CC
Read the press release dated 12 April 2018

Lines of credit

On 30 September 2020, Vallourec had €1.7 billion in confirmed lines of credit.

 For instance, the group has:

  • a €1.1 billion revolving syndicated loan due in February 2021
  • a €450 million revolving syndicated loan due in February 2020, €300 million of which has been extended to February 2021
  • a €400 million revolving syndicated loan due in July 2020, €300 million of which has been extended to February 2021
  • a €90 million revolving bilateral line of credit due in February 2021