By Stephanie N. Rotondo
Seattle, Sept. 27 – Vallourec priced €250 million of convertible bonds due 2022 in the Oceane structure at par to yield 4.125% on Wednesday, the company said in a press release.
The initial conversion premium is 37.5%.
Due to strong investor demand, the size of the deal was increased from €170 million.
Price talk was for a 3.75% to 4.5% yield and an initial conversion premium of 35% to 40%.
Credit Agricole CIB and Natixis are acting as global coordinators and joint bookrunners. BNP Paribas and Societe Generale CIB are also bookrunners.
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.
| Issuer: | Vallourec
|
| Securities: | Convertible bonds
|
| Amount: | €250 million
|
| Maturity: | Oct. 4, 2022
|
| Bookrunners: | Credit Agricole CIB, Natixis, BNP Paribas and Societe Generale CIB
|
| Co-manager: | Banco Santander
|
| Coupon: | 4.125%
|
| Price: | Par
|
| Yield: | 4.125%
|
| Initial conversion premium: | 37.5%
|
| Provisional call: | Yes
|
| Change-of-control put: | Yes
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Talk: | 3.75%-4.5% yield, up 35%-40%
|
| Stock symbol: | Paris: VK
|
| Stock price: | €4.988 as of Sept. 27 close
|
| Market capitalization: | €2.242 billion
|
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