To support the development of its projects, finance the group's general requirements and strengthen its financial structure, Vallourec has diversified its financial resources by means of a commercial paper programme, a bond issue, two private debt issues and a syndicated loan.
Short-term borrowings: Commercial paper programme
On October 12, 2011 Vallourec implemented a commercial paper programme to address short-term capital needs.
|
Revenue cap's program |
1 billion euros |
|
Duration |
> 1 day
< 365 days |
| Unit amount price |
150,000 euros |
| Currency of issue |
Euros (€) |
| Paying agents |
Crédit Industriel et Commercial |
| Dealers |
Aurel BGC
BNP Paribas
BRED
Crédit Agricole CIB
CM - CIC
Crédit du Nord
GFI
HSBC France
HPC
ING
Natixis
Société Générale CIB
Viel Tradition |
| Short-time rating |
A-2 |
Consult the financial presentation of the Commercial Paper Programme (in French)
Consult the outstanding notes under this programme (in French)
Medium and long-term borrowings:
Bond issues
On December 7, 2011, Vallourec completed a € 650 million bond issue maturing in February 2017 (6-year-maturity) with an annual interest rate of 4.25%.
This loan is listed on the NYSE Euronext stock exchange in Paris.
| Nominal value |
100 000 euros |
|
Nomber of bonds issued |
6,500 |
| Interest (*) |
4.25% |
| Maturity |
14 February 2017 |
| Long-term rating |
BBB+ |
(*) The interest payable on February 14 of each year is equal to 4.25 % of the nominal value of the bond.
Read the press release dated December 7, 2011: "Successful inaugural bond issue for Vallourec"
Consult the full prospectus dated December 12, 2011
Private debt issues issues
Vallourec has completed two long-term private debt issues for a total amount of € 455 million.
The respective amounts and maturities of these two private debt issues are € 400 million over 7 years with an annual coupon of 3.25 % and € 55 million over 15 years with an annual coupon of 4.125 %.
Read the press release dated August 1st, 2012: "Vallourec concludes two private debt issues"
- Characteristics of the 7-year private placement
| Nominal value |
100 000 euros |
|
Nomber of bonds issued |
4,000 |
| Interest (*) |
3.25% |
| Maturity |
02 August 2019 |
| Long-term rating |
BBB+ |
(*) The interest payable on August 02 of each year is equal to 3.25 % of the nominal value of the bond.
This loan is listed on the NYSE Euronext stock exchange in Paris.
Consult the full prospectus dated August 1st, 2012
- Characteristics of the 15-year private placement
| Nominal value |
100,000 euros |
|
Nomber of bonds issued |
550 |
| Interest (*) |
4.125% |
| Maturity |
02 August 2027 |
(*) The interest payable on August 02 of each year is equal to 4.125 % of the nominal value of the bond.
Credit facilities
The Group has a € 1 billion confirmed credit facility signed in February 2011, maturing in February 2016 and various banking lines of around € 600 million which mature between July 2014 and July 2015.