Vallourec: completes balance sheet restructuring

(CercleFinance.com) - On Thursday Vallourec announced its successful $820m senior bond offering, a transaction that will enable it to complete its balance sheet restructuring.


This new issue of senior bonds maturing in 2032, bearing interest at 7.5% p.a., is intended to refinance bonds maturing in 2026 and repay aid from the French government.

Together with free cash, proceeds from the subscription will be used to finance the redemption of a E1.02bn bond line maturing in 2026, bearing interest at 8.5%.

The transaction will also be used to repay approximately E68m owed on state-guaranteed loans, as well as pay interest.

This issue comes in addition to the conclusion of a new five-year multi-currency revolving credit facility (RCF) for E550m with a diversified international banking pool.

Vallourec had also signed an amendment to its ABL credit agreement for an amount increased to $350 million and extended over five years in the US.


Copyright (c) 2024 CercleFinance.com. All rights reserved.