Vallourec reaches a major step with an
agreement in principle on financial restructuring with main
creditors
Boulogne-Billancourt (France), February
3, 2021 – Vallourec announces that it has reached a major
step in its financial restructuring, with an agreement in principle
(“Agreement in Principle”) with its main
creditors. This agreement meets the Company’s objectives to
rebalance its capital structure by reducing its debt and securing
the necessary liquidity that will enable the Company to implement
its strategic plan in a volatile market environment.
The Agreement in Principle has been entered into
by the Company and a group of lenders representing together 65.1%
of the total amount of the Company’s financial debt, including, on
the one hand, certain of its commercial banks1 (the
“Commercial Banks”) representing 38.8% of the
principal amount of the revolving credit facilities
(“RCF”) and, on the other hand, investment funds2
holding the 2022 Senior Notes, the 2023 Senior Notes, the 2022
OCEANE, the 2024 Bonds or interests in the RCF (the “Ad Hoc
Group”) representing approximately 50.5% of the principal
amount of the RCF3 and 41.4% of the principal amount of the bonds
issued by the Company (the “Bonds”). The Agreement
in Principle has been approved unanimously by the members of the
Company’s supervisory board. In addition, Bpifrance Participations
and Nippon Steel Corporation, the reference shareholders of the
Company have confirmed their support for this Agreement in
Principle.
In this context, the Company has filed a request
with the Commercial Court of Nanterre (Tribunal de Commerce de
Nanterre) for the opening of a safeguard proceedings (procédure de
sauvegarde) with respect to it. The opening of the proceedings
notably aims at allowing the implementation of the Agreement in
Principle, which will be subject, among others, to the approval by
a two-thirds majority of each of the creditors’ committees (lenders
under the RCF on the one hand and holders of the Bonds on the other
hand), as well as the approval of the extraordinary general meeting
of the shareholders, before it can be submitted to the court for
approval.
The Agreement in Principle, the terms of which
are further described below, contemplates mainly:
- a major deleveraging of Vallourec, representing approximately
EUR1,800 million, which is more than half of the principal amount
of its debt, through:
- EUR300 million rights issue for the benefit of Vallourec
shareholders, fully backstopped by certain creditors under the RCF
and the Bonds, the proceeds of which will be used to partially
repay their claims;
- the equitization of the claims under the RCF and the Bonds in
the amount of approximately EUR1,331 million; and
- a debt write-off granted by the Commercial Banks in the amount
of EUR169 million, combined with a better fortunes instrument
(instrument de retour à meilleure fortune) in the form of warrants
(bons de souscription d’actions),
- the refinancing of the residual debt and the securing of
significant liquidity and operational financing through:
- a revolving credit facility of EUR462 million by the Commercial
Banks, together with a new senior notes issuance of EUR1,023
million subscribed by the other creditors of the Company (by way of
set off of claims), over a period of 5 years;
- a State-guaranteed loan (prêt garanti par l’Etat) in the amount
of EUR262 million by the Commercial Banks; and
- bonding lines of EUR178 million provided by the Commercial
Banks over a 5-year horizon,
- interest accrued on the RCF and the Bonds up to February 1,
2021 will be paid in cash on the completion date of the financial
restructuring (the “Completion Date”); interest
which will accrue from February 2, 2021 until June 30, 2021 on the
RCF and the Bonds (the “Restructured Interest”)
will be partly reimbursed, partly converted into capital and partly
refinanced and included in the above-mentioned amounts of debt and
equitization.
The Agreement in Principle would enable the
Company to consolidate its balance sheet and reduce its debt and
interest expenses to a suitable level that takes into account the
consequences and uncertainties related to the Covid and oil markets
crisis. This new favorable framework, combined with the strong
structural measures initiated during financial year 2020, would
enable the Company to implement its strategic plan to strengthen
its market position.
Apollo, holding between 23.2% and 29.3% of the
share capital, and SVPGlobal, holding between 9.7% and 12.3% of the
share capital (in each case, before exercise of the warrants),
would become the two largest shareholders of the Company.
Edouard Guinotte, chairman of the management
board of Vallourec, declared:
“Vallourec has reached a major step in its
financial restructuring process and is pleased to have obtained the
agreement of its reference shareholders and main creditors on a
financial restructuring plan that meets its objectives of
substantially reducing its debt and securing its liquidity.
Although our markets remain volatile and their evolution uncertain,
this financial restructuring will complement our transformation
plan and will enable the Group to roll out its strategic roadmap. I
would like to thank all of our stakeholders whose support and
cooperation have enabled us to achieve this new step.
The implementation of this plan, expected at the
end of the first semester, after obtaining the required approvals,
will result in the entry of two new reference shareholders, Apollo
and SVPGlobal. They will bring their in-depth knowledge of our
markets, their expertise, and their investment reflects their
confidence in the strategy implemented by the Group, for which I am
thankful.
I would finally like to thank all our clients
and partners for their lasting trust in this unprecedented context,
as well as our teams, in all our regions, for their continued and
exemplary commitment and determination.”
Status of the financial restructuring
process
On September 1st, 2020, Vallourec S.A.
(“Vallourec” or the “Company”)
announced its intention to initiate discussions with a view to
achieving a financial restructuring and to seek the requisite
consents of the relevant groups of creditors (in particular the
holders of the 2022 Senior Notes and the 2023 Senior Notes as well
as its lenders under the RCF) for the appointment of a mandataire
ad hoc. Following the receipt of these consents, a mandataire ad
hoc was appointed on September 23, 2020 by the President of the
Commercial Court of Nanterre (Président du Tribunal de Commerce de
Nanterre), with the duty to assist the Company in its negotiations
with its creditors and shareholders in order to reach a financial
restructuring plan. In the meantime, an ad hoc committee (comité ad
hoc), composed of a majority of independent members of the
supervisory board, was put in place to follow up on the discussions
related to the financial restructuring.
The negotiations engaged under the aegis of the
mandataire ad hoc with some of the main creditors (with respect to
the RCF and the Bonds) and their respective counsels led to the
Agreement in Principle. The Agreement in Principle is supported by
(i) the Company, (ii) the Commercial Banks representing
approximately 38.8% of the total RCF principal amount and (iii) the
Ad Hoc Group representing approximately 50.5% of the total RCF
principal amount4 and 41.4% of the total principal amount of the
Bonds of the Company.
To that effect, the Commercial Banks, the
members of the Ad Hoc Group and the Company entered into a lock-up
agreement pursuant to which the parties committed to support and
take all steps and actions reasonably necessary to implement and
consummate the Agreement in Principle. The terms and conditions of
the lock-up agreement are relatively customary and include a
requirement for creditors to give relevant vote instructions in
favor of the implementation of the Agreement in Principle, to
provide various waivers, to enter into the required documentation
to effect the restructuring plan and not to dispose of their claims
unless the transferee accedes to the lock-up agreement or is
already a signatory (and is therefore already bound by such terms).
The Commercial Banks, Apollo and SVPGlobal undertook not to dispose
of their RCF holdings5 and Bonds, including to a signatory or a
person who would accede to the lock-up agreement, until the
Completion Date.
The Agreement in Principle will be implemented
under safeguard proceedings whose opening request has been filed
with the Commercial Court of Nanterre. The Agreement in Principle
is detailed in Appendix 1 and comprises the
following key elements:
1.
Treatment of the claims held by the Commercial Banks under the
RCF
The Commercial Banks are expected to:
- grant Vallourec a State-guaranteed loan (prêt garanti par
l’Etat) for a total principal amount of EUR262 million; and
- provide notably Vallourec Tubes6 market bonding lines (in
particular bid bonds and performance bonds) in the total amount of
EUR178 million, for a period of five years (remunerated at 1% per
annum for those with a term not exceeding one year and 1.2% for
those with a term of one to two years).
In consideration of these commitments and in
light of the historical relationships of the Commercial Banks with
the Group, the amount of their claims under the RCF (in principal
and Restructured Interest) will be treated differently from the
amount of the claims with respect to the RCF and the Bonds held by
other creditors, and will be subject to the following
treatment:
- partial repayment of the claims of the Commercial Banks under
the RCF up to their share in the amount of EUR262 million in
proportion of their claims under the RCF in relation to the total
amount of claims under the RCF and the Bonds (in principal and
Restructured Interest);
- refinancing in the amount of EUR462 million through a revolving
credit facility (unsecured) granted for the same amount by the
Commercial Banks to the Company for a period of five years and
bearing an annual interest rate of Euribor +5.00%; this revolving
credit facility will be subject to a financial gearing covenant
that will be tested for the first time on December 31, 2023;
- debt write-off (the “Debt Write-Off”) by the
Commercial Banks with respect to the RCF for the balance of their
claims under the RCF, i.e. an amount of EUR169 million; and
- in consideration of the Debt Write-Off, issuance to the benefit
of the Commercial Banks of a better fortunes instrument in the form
of warrants (bons de souscription d’actions), in proportion to the
claims under the RCF held by each of the Commercial Banks (the
“Warrants”) entitling them to subscribe to 11.7%
of the share capital (on a fully diluted basis) at the
exercise price of EUR10.11 per share of the Company (representing a
premium of 25 % over the subscription price of the Reserved Capital
Increase). The exercise period of the Warrants will be five years
from the Completion Date (one Warrants giving right to one new
share). The Warrants will be listed on the Euronext Paris market.
- Treatment of the claims in principal and Restructured
Interest under the RCF (other than those of the Commercial Banks)
and with respect to the Bonds (les “Other
Claims”)
The Other Claims will be treated as follows:
- repayment of their share in an amount of EUR262 million in
proportion to the Other Claims in relation with the total amount of
claims with respect to the RCF and the Bonds (in principal and
Restructured Interest);
- reimbursement for the amount of the proceeds received in cash
pursuant to a rights issue of EUR300million (including premium)
with preferential subscription rights open to existing shareholders
of Vallourec (the “Rights Issue”) with a
subscription price of EUR5.66 per share to be fully subscribed in
cash; the Rights Issue will be fully backstopped by the
holders of the Other Claims (in proportion of their holdings) by
way of set-off with a portion of such Other Claims;
- conversion into share capital for a principal amount of
EUR1,331 million (including premium) through a reserved share
capital increase at the subscription price of EUR8.09 per share,
subscribed by way of set-off of claims by the holders of Other
Claims in proportion of their holdings (the “Reserved Share
Capital Increase”); and
- the balance of the Other Claims after completion of the above
operations (i.e. approximately EUR1,023 million), will be
refinanced through new senior notes (subscribed by way of set-off),
issued by the Company and governed by the laws of the State of New
York, bearing an interest rate of 8.50% per annum, which will be
unsecured, the terms and conditions of which will be aligned on the
2022 Senior Notes, subject to some adjustments. The new senior
notes will be listed on the Euro MTF market in Luxembourg.
- Treatment of Interests
Interest accrued on the RCF and the Bonds up to
February 1, 2021 will be paid in cash on the Completion Date;
interest which will accrue from February 2, 2021 until June 30,
2021 on the RCF and the Bonds will be partly reimbursed, partly
converted into capital and partly refinanced included in the
above-mentioned amounts of debt and equitization (and would
represent an amount of approximately EUR80 million at June 30,
2021). The interest accrued after June 30, 2021 will be
written-off.
4. Shareholding
and governance
Shareholding
Following the completion of the Reserved Share
Capital Increase and the Rights Issue, the creditors under the
Other Claims, including Apollo and SVPGlobal and the other members
of the Ad Hoc Group7 would become shareholders of the Company.
Under the terms of the Agreement in Principle,
the ownership percentages of the existing shareholders of the
Company would be8:
- in the event of a 100% subscription to the Rights Issue by the
Company’s existing shareholders:
- approximately 28.1% after the Reserved Share Capital Increase
but before the exercise of the Warrants, of which 22.4% for the
existing shareholders other than Nippon Steel Corporation and
Bpifrance Participations; and
- approximately 24.8% after the exercise of the Warrants, of
which 19.8% for the existing shareholders other than Nippon Steel
Corporation and Bpifrance Participations,
- in the event of subscription to the Rights Issue only by Nippon
Steel Corporation and Bpifrance Participations up to their
commitments in the amount of EUR35 million and EUR20 million
respectively:
- approximately 9.2% after the Reserved Share Capital Increase
but before the exercise of the Warrants, of which 3.5% for the
existing shareholders other than Nippon Steel Corporation and
Bpifrance Participations; and
- approximately 8.2% after the exercise of the Warrants, of which
3.1% for the existing shareholders other than Nippon Steel
Corporation and Bpifrance Participations.
Apollo and SVPGlobal would become the two
shareholders with the largest stakes with:
- for Apollo, a stake ranging from 29.3% (if only Nippon Steel
Corporation and Bpifrance Participations subscribe to the Rights
Issue) to 23.2% (if all the existing shareholders subscribe to the
Rights Issue) (before the exercise of the Warrants, and from 25.9%
to 20.5% after the exercise of the Warrants); and
- for SVPGlobal, a stake ranging from 12.3% (if only Nippon Steel
Corporation and Bpifrance Participations subscribe to the Rights
Issue) to 9.7% (if all the existing shareholders subscribe to the
Rights Issue) (before the exercise of the Warrants, and from 10.9%
to 8.6% after the exercise of the Warrants).
It is specified that Apollo and SVPGlobal, as
well as the other members of the Ad Hoc Group, declared that they
do not intend to act in concert and will not act in concert
vis-à-vis the Company on the Completion Date.
Governance
The Agreement in Principle provides that the
Company will be converted into a société anonyme à conseil
d’administration as from the Completion Date. The corporate
governance reflecting this new shareholding structure will comply
with the AFEP-MEDEF Code.
Mr. Edouard Guinotte will be Chairman and CEO
(président-directeur général) of the Company and Mr. Olivier Mallet
will be Deputy CEO (directeur général délégué) of the Company.
The board of directors will consist on the
Completion Date of 10 directors, including
Mr. Edouard Guinotte, 2 directors suggested by Apollo
(one of which will be vice-chairman) and one director suggested by
SVPGlobal. If SVPGlobal increases its holding above 15% of the
share capital of the Company, SVPGlobal would be entitled to
propose the appointment of one additional director. Apollo and
SVPGlobal shareholding will be subject to a 6-month lock-up as from
the Completion Date. The Company shall have a right of first offer
in the event of a potential sale of shares by Apollo or SVPGlobal
to a competitor. Finally, double voting rights would also be
removed as from the Completion Date.
5.
Conditions precedent and implementation
The execution of the Agreement in Principle is
subject to several conditions precedent, including the approval of
the required resolutions by the extraordinary general meeting of
the shareholders of the Company expected to be held in the course
of April 2021.
It is also subject to (i) securing the required
level of creditor support in the committees of the safeguard
proceedings, which are expected to be held over the course of March
2021; (ii) the prior governmental approvals necessary for the
implementation of the Agreement in Principle (including AMF
approvals (visas) on the prospectus required in the context of the
financial restructuring); (iii) where required, Apollo securing an
exemption from the obligation to submit a public offer on
Vallourec’s shares as a result of the financial restructuring, in
accordance with Article 234-9 2° of the AMF General Regulation; and
(iv) the approval of the safeguard plan by the Commercial Court of
Nanterre.
If the conditions precedent are satisfied (or,
where possible, waived), the implementation of the Agreement in
Principle should take place at the end of the first semester of
2021.
Nippon Steel
Nippon Steel Corporation (which currently holds
14.56 % of the share capital and 14.87% of the voting rights)
undertook (i) to vote in favor of the resolutions required for the
implementation of the financial restructuring and (ii) to subscribe
to new shares of Vallourec in the amount of EUR35 million in the
context of the EUR300 million Rights Issue. Following the
completion of the financial restructuring, Nippon Steel will hold
3.4% of the share capital (before exercise of the Warrants and 3.0%
after exercise of the Warrants). As a result, the shareholders'
agreement between the Company and Nippon Steel will terminate and
Nippon Steel will lose its right to propose the appointment of a
member of the board.
In addition, the appointment of a mandataire ad
hoc triggered the option for Nippon Steel to sell the 15.4% stake
held9 in the Brazilian joint venture Vallourec Soluções Tubulares
do Brasil (VSB) to the Vallourec group. Nippon Steel decided to
exercise this option. The subsequent termination of the joint
venture will result in the termination of the supply agreement
between Nippon Steel and VSB for a volume of 300,000 tons of pipes
manufactured at the Jeceaba site in Brazil, which will gradually
decrease until mid-2022.
Bpifrance Participations
Bpifrance Participations (which currently holds
14.56 % of the share capital and 14.87 % of the voting rights)
undertook (i) to vote in favor of the resolutions required for the
implementation of the financial restructuring and (ii) to subscribe
to new shares of Vallourec in the amount of EUR20 million in the
context of the EUR300 million Rights Issue. Following the
completion of the financial restructuring, Bpifrance Participations
will hold 2.3% of the share capital (before exercise of the
Warrants and 2.0% after exercise of the Warrants). As a result, the
shareholders' agreement between the Company and Bpifrance
Participations will terminate and Bpifrance Participations will not
be able to suggest the appointment of a member of the board.
Appointment of an independent
expert
Given the significant dilution to result from
the share capital increases, the supervisory board will proceed, in
the coming days, on a voluntary basis pursuant to Article 261-3 of
the AMF General Regulation, to the appointment of an independent
expert for the purpose of the financial restructuring. The
independent expert will assess the financial conditions of the
financial restructuring for the shareholders and will deliver a
report with a fairness opinion which will be made available to the
shareholders at least 15 days prior to the general meeting.
Estimated financial data
In order to ensure that the market has
appropriate information, the Company communicates the following
estimated financial data for financial year 2020.10
EUR Million |
2019 |
2020 |
Sales |
4 173 |
3 242 |
EBITDA |
347 |
258 |
Net interest expenses |
(174) |
(196) |
CAPEX |
(159) |
(138) |
FCF(1) |
(41) |
(111) |
Net leverage(2) |
5.9x |
8.6x |
(1) free cash flow is defined as cash flow from
operating activities minus gross capital expenditures and
plus/minus change in operating working capital requirement(2) net
leverage is defined as net debt divided by EBITDA
The asset impairment tests carried out as part
of the 2020 annual closing result in an impairment charge of
approximately EUR410 million in the fourth quarter of 2020, in
complement to that recorded on June 30, 2020 for EUR441 million,
for a total of approximately EUR850 million at December 31,
2020.
This additional charge mainly concerns the
industrial assets in Europe and reflects the update of the business
plan impacted by the changing market outlook.
In addition, the adaptation measures announced
in November 2020 gave rise to the recognition of a restructuring
charge of around EUR80 million in the fourth quarter of 2020.
Proforma corporate leverage
Following the financial restructuring, the
principal amount of the Company’s debt will be reduced by
approximately EUR1,800 million, i.e. slightly more than half the
principal amount of its current debt, in line with the group’s
objective of eventually returning to:
- Net leverage of 2.5 x in 2022E
- Net leverage of 1.2 x in 2025E
Liquidity
According to the latest estimates in its
possession, the Company would have a cash position of EUR1,390
million at December 31, 2020.
This liquidity will not be affected by the
Agreement in Principle, and covers the Group’s short/medium-term
needs and capital expenditures as set out in the Company’s business
plan (please refer to Estimated financial data section).
New money requirements
According to the latest estimates in its
possession, the Company has no need for new liquidity (please refer
to Liquidity section above).
Accession to the lock-up
agreement
Following the conclusion of the lock-up
agreement between the Company, the Commercial Banks and the Ad Hoc
Group, any holder of Bonds and creditor under the RCF has the
possibility to accede to the lock-up agreement as from February 4,
2021 by contacting Lucid Issuer Services Limited (Attention: Victor
Parzyjagla, +44 (0) 20 7704 0880, Vallourec@lucid-is.com), subject
to terms and conditions set forth in the lock-up agreement.
Subject to and in accordance with the terms and
conditions set forth in the lock-up agreement, the holders of Bonds
and/or RCF who will accede to the lock-up agreement will benefit
from (i) a fee of 25 bps on the principal amount of their claims if
they accede no later than March 1st, 2021 included or the voting
date of the committees under the safeguard proceedings, if earlier,
and (ii) an additional fee of 25 bps if they accede no later than
February 12, 2021.
Trading suspension
Trading remains suspended pending the decision
of the Commercial Court of Nanterre related to the opening of the
safeguard proceedings.
Important information
All figures relating to the period from January
1, 2020 to December 31, 2020 shown in this press release (including
its appendix) are estimated financial data. These estimated
financial data have been prepared in accordance with an accounting
and consolidation process similar to the process generally used to
prepare the consolidated financial statements. The accounting basis
used for the purposes of this forecast is consistent with the
accounting methods applied by the issuer and described in its
condensed consolidated interim financial statements at June 30,
2020. However, not all the annual closing procedures have been
completed.
These estimated financial data were presented to
the supervisory board of the Company on January 31, 2021, and have
not been audited by the Company's statutory auditors.
These data are not derived from consolidated
financial statements approved by the management board of the
Company. The consolidated financial statements will be presented by
the management board to the supervisory board on February 16, 2021.
The consolidated financial Statements will be published on February
17, 2021, after the stock market closes, according to the
provisional publication timetable and the consolidated financial
statements, together with the statutory auditors' report, will be
made available within the Universal registration document
Certain defined terms
“2022 OCEANE”
means the EUR250 million 4.125% OCEANE bonds due 2022 (ISIN:
FR0013285046).
“2022 Senior Note” means the
EUR550 million 6.625% unsecured senior notes due 2022 (ISIN:
XS1700480160 / XS1700591313; Common Code: 170048016 /
170059131).
“2023 Senior Note” means the
EUR 400 million 6.375% senior notes due 2023 (ISIN: XS1807435026 /
XS1807435539; Common Code: 180743502 / 180743553).
“2024 Bonds” means the EUR500
million 2.250% bonds due 2024 (ISIN: FR0012188456).
“2027 Bonds” means the EUR 55
million 4.125% bonds due 2027 (ISIN: FR0011292457).
“Bonds” means the 2022 OCEANE,
2022 Senior Notes, 2023 Senior Notes, 2024 Bonds and the 2027
Bonds.
“RCF” means (a) the facility
agreement governed by French law and entered into on February 12,
2014, (b) the facility agreement governed by French law and entered
into on May 2, 2016, (c) the facility agreement governed by French
law and entered into on September 21, 2015 and (d) the facility
agreement governed by French law and entered into on June 25, 2015,
in each case, as amended.
About Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec’s pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 17,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
possible.
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK) and eligible for the Deferred Settlement
System (SRD) Long only, Vallourec is included in the SBF 120
index.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R2094, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
Forward-looking statements
This press release contains forward-looking
statements. These forward-looking statements can be identified
notably by the use of forward looking terminology, including the
terms as “believe”, “expect”, “anticipate”, “may”, “assume”,
“plan”, “intend”, “will”, “should”, “estimate”, “risk” and/or, in
each case, their negative, or other variations or comparable
terminology. These forward-looking statements include all matters
that are not historical facts and include statements regarding the
Company’s intentions, beliefs or current expectations concerning,
among other things, Vallourec’s results of operations, financial
condition, liquidity, prospects, growth, strategies and the
industries in which they operate. 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. These risks include those developed or identified in the
public documents filed by Vallourec with the French Financial
Markets Authority (Autorité des marchés financiers, or “AMF”),
including those listed in the “Risk Factors” section of the
Universal Registration Document filed with the AMF on March 20,
2020. Recipients are cautioned that forward-looking
statements are not guarantees of future performance and that
Vallourec’s or any of its affiliates’ actual results of operations,
financial condition and liquidity, and the development of the
industries in which they operate may differ materially from those
made in or suggested by the forward-looking statements contained in
this press release. In addition, even if Vallourec’s or any of its
affiliates’ results of operations, financial condition and
liquidity, and the development of the industries in which they
operate are consistent with the forward-looking statements
contained in this press release, those results or developments may
not be indicative of results or developments in subsequent periods.
The forward-looking statements included in this press release are
only valid at the date of this press release. Subject to legal
obligations, the Company assumes no obligation to update or revise
any forward-looking in light of new information or future events.
This press release does not contain or constitute an offer of
securities for sale or an invitation to invest in securities in
France, the United States or any other jurisdiction.
For further information, please
visit:
https://www.vallourec.com/en
https://www.vallourec.com/en/hub-finance
Contact:
Investor relationsJérôme
Friboulet - Investor.relations@vallourec.com
Press relationsHéloïse
Rothenbühler - heloise.rothenbuhler@vallourec.com
Appendix – Financial restructuring and
financial outlook
1 BNP Paribas, Natixis and BFCM2 Funds managed by affiliates of
Apollo Global Management, Inc. (collectively,
“Apollo”), funds managed by Strategic Value
Partners, LLC and its affiliates (“SVPGlobal”),
Bybrook and M&G3 through sub-participations, including pending
trades4 through sub participations, including pending trades5
including through sub-participation, including pending trades6 a
wholly-owned subsidiary of the Company7 if they did not dispose of
their claims with respect to the RCF and the Bonds8 In the event
that the Company’s existing shareholders do not subscribe to the
Rights Issue, the existing shareholders would own approximately 5%
of the share capital after Reserved Share Capital Increase but
before the exercise of the Warrants and 4.4% after the exercise of
the Warrants.
9 The 15.4% stake in the Brazilian joint venture Vallourec
Soluções Tubulares do Brasil (VSB) sold to the Vallourec group
includes a 15.0% stake held by Nippon Steel Corporation group and a
0.4% stake held by the Sumitomo Corporation and which is subject to
the put option.10 Unaudited financial data which qualify as
estimated financial data (données financières estimées) within the
meaning of the AMF recommendation n°2016-05
- Vallourec - Financial restructuring plan announcement
Vallourec (EU:VK)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Vallourec (EU:VK)
Historical Stock Chart
Von Mär 2023 bis Mär 2024