Meudon (
Upon completion, the proceeds from the offering of the Notes will be used, together with cash on hand, to (i) fund the redemption of the Company’s €1,023.4 million in aggregate principal amount of 8.5% senior notes due 2026 (the “Existing Notes”) and pay accrued and unpaid interest thereon, (ii) repay approximately €68 million outstanding under the Company’s existing state-guaranteed loans (PGE, prêts garantis par l’Etat) and pay accrued and unpaid interest thereon and (iii) pay fees and expenses in connection with the foregoing transactions, including fees and expenses incurred in connection with the offering.
Following the completion of its refinancing,
- Entry into a new 5-year €550 million multi-currency revolving credit facility (RCF) with a substantially diversified, global banking group
- Entry into an upsized and extended 5-year
$350 million ABL facility inthe United States - Issuance of the aforementioned 8-year
$820 million 7.500% Senior Notes and redemption of its 8.5% Senior Notes due 2026 - Repayment of approximately €68 million of its €262 million PGE during the transaction and repayment of the remaining amount by
December 31, 2024
Furthermore,
The pro forma effects of the transaction lead to a reduction of net debt compared to the reported net debt of €570 million as of
The New Vallourec plan, initiated in
Cautionary Statements
This announcement constitutes a public disclosure of inside information under Regulation (EU) 596/2014, as amended.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such offer, solicitation or sale would be unlawful. This press release is not an offer of securities for sale in
The offer and sale of the Notes will be made only to qualified investors pursuant to an exemption under Regulation EU 2017/1129, as amended (the "Prospectus Regulation") from the requirement to produce a prospectus for offers of securities. This announcement does not constitute a prospectus within the meaning of the Prospectus Regulation or an offer to the public.
The offer and sale of the Notes will be made pursuant to an exemption under the Prospectus Regulation as it forms part of domestic law by virtue of the
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive 2016/97/EU (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in the Prospectus Regulation. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
This press release has been prepared on the basis that any offer of in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus for offers of the Notes.
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the
This press release has been prepared on the basis that any offer of the Notes in the
This press release is being distributed only to persons who (i) have professional experience in matters relating to investments and are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) are high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, (iii) are outside the
No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.
This press release includes forward-looking statements within the meaning of the applicable securities law. All statements other than statements of historical fact included herein are forward-looking statements. These statements may include, without limitation, any statements preceded by, followed by or including words such as “aim”, “anticipate”, “believe”, “can have”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “seek”, “should”, “will” “would” and other words and terms of similar meaning or the negative thereof. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Such forward-looking statements are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which it will operate in the future. The Group therefore cautions against relying on any of these forward-looking statements. The forward-looking statements and information contained in this press release are made as of the date hereof, and the Group undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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For further information, please contact:
Investor relations Tel: +1 (713) 409-7842 connor.lynagh@vallourec.com | Press relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77 50 heloise.rothenbuhler@vallourec.com |
Individual shareholders Toll Free Number (from actionnaires@vallourec.com |
Attachment
Vallourec Senior Notes Pricing Press Release
Source:
2024 GlobeNewswire, Inc., source