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 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 |
750 000 000 euros |
|
Duration |
> 1 day
< 365 days |
| Unit amount price |
150 000 euros |
| Currency of issue |
Euros (€) |
| Paying agents |
Crédit Industriel et Commercial |
| Dealers |
BNP Paribas
BRED
Crédit Agricole CIB
CM - CIC
HSBC France
Natixis
Société Générale CIB |
| 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
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 May 2013 and October 2015.