Vallourec - New Issue Comment
French company Vallourec, a world leader in premium tubular solutions mainly for the energy industry, is offering €300m of 5NC3 senior unsecured notes. The net proceeds from the transaction will be used to repay drawings under the existing RCFs, effectively increasing the company’s liquidity by €291m as the repayments of the RCFs remain available. The proposed issuance follows last month’s placement of €250m of 2022 OCEANEs with a coupon of 4.125%, also to repay drawings and therefore increase liquidity. The impact of the transaction on Val-lourec’s net debt is marginal.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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