Vallourec to sell €170 million of five-year convertibles

By Stephanie N. Rotondo

Seattle, Sept. 27 – Vallourec is offering €170 million of convertible bonds due 2022, the company said in a press release on Wednesday.

The deal may be increased by €30 million. Price talk is for a 3.75% to 4.5% yield and an initial conversion premium of 35% to 40%.

Pricing is expected by the end of Wednesday.

Credit Agricole CIB and Natixis are acting as global coordinators and joint bookrunners. BNP Paribas and Societe Generale CIB are also bookrunners.

Banco Santander is a co-manager.

The bonds are convertible into new shares and/or exchangeable for existing shares, or Oceanes.

The bonds are redeemable in certain circumstances. Holders can put the paper upon a change of control.

Proceeds will be used for general corporate purposes.

Vallourec is a Boulogne-Billancourt, France-based provider of premium tubular solutions for the energy markets and for demanding industrial applications.

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