Vallourec and Vallourec Star Amend and Restate $80 Million Credit Agreement

June 6, 2016

Cleary Gottlieb assisted Vallourec and Vallourec Star in connection with the negotiation and implementation of an amended and restated $80 million credit agreement entered into on March 29, 2016, by Vallourec’s American subsidiary Vallourec Star as borrower and JPMorgan as lender.

Vallourec acceded to the credit agreement as guarantor on May 3, 2016.

The effectiveness of the credit agreement was, inter alia, conditional upon the completion of a €994 million equity injection by Vallourec, through the issuance of mandatory convertible bonds and a rights offering, which occurred on May 3, 2016, on which Cleary also assisted Vallourec.

This facility will mature in March 2019.

Vallourec is the world leader in premium tubular solutions, primarily serving the energy markets (oil and gas, powergen).