Vallourec announced Thursday the success of its $820 million senior bond offering, a transaction that will enable it to fully finalize the restructuring of its balance sheet.

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

Proceeds from the subscription will be used, together with available cash, to finance the redemption of a 1.02 billion euro bond line maturing in 2026, bearing interest at 8.5%.

The transaction will also be used to repay approximately 68 million euros owed on state-guaranteed loans and to pay interest.

This issue comes in addition to the conclusion of a new five-year multi-currency revolving credit facility (RCF) for 550 million euros 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 United States.

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