Cleary Gottlieb represented Vallourec S.A., a world leader in premium tubular solutions primarily serving the energy markets (oil and gas, powergen), in connection with its offering of €400 million 6.625 percent senior notes due 2022 and a €150 million tap offering of additional notes following the closing of the initial offering.
The initial offering and the tap offering were each made outside of the U.S. and to QIBs in the U.S. in accordance with Regulation S and Rule 144A. The proceeds of the initial offering will be used to repay certain amounts drawn under Vallourec’s revolving credit facilities and commercial paper program and to pay fees and expenses of the initial offering. The proceeds of the tap offering will be used to further repay amounts drawn under Vallourec’s commercial paper program and to pay fees and expenses of the tap offering.
The initial offering priced on October 11, 2017, and closed on October 18, 2017. The tap offering priced on October 23, 2017, and closed on October 26, 2017. The notes from each issuance were listed on the Official List of the Luxembourg Stock Exchange and trade on the Euro MTF market.
Morgan Stanley & Co. International plc served as sole global coordinator and joint bookrunner, and Société Générale and Natixis served as joint bookrunners for the initial offering. Morgan Stanley & Co. International plc served as sole global coordinator and joint bookrunner, and BNP Paribas, Crédit Agricole CIB, Natixis, Santander and Société Générale served as joint bookrunners for the tap offering.