Financing of the group

Credit rating

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

Long-term credit rating

CCC+

Short-term credit rating

B

Outlook

CreditWatch developing

Credit-rating review date

31/03/2020

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)

B

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

B-

^* (*) 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

B−

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

B−

Read the press release dated 12 April 2018

Medium and long-term lines of credit

On 31 December 2019, Vallourec had €2.1 billion in confirmed medium and long-term 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
a €110 million line of credit due in April 2027