Vallourec's €450 Million Club Deal Financing

June 6, 2016

Cleary Gottlieb assisted Vallourec in connection with the negotiation and implementation of a new €450 million club deal revolving credit facility agreement, signed on May 2, 2016.

The use of the facility was 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.

The new €450 million credit agreement has been entered into with BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis and Société Générale Corporate & Investment Banking as mandated lead arrangers and bookrunners; Banco Santander S.A. as mandated lead arranger; and Natixis as agent.

This new facility, which will mature in February 2020, will be available for general financing purposes of the group.

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