Vallourec Announces Required Consents Received in its Consent Solicitation Relating to Certain of its Notes
Boulogne-Billancourt (France), 21
September 2020 – As announced on 1 September 2020,
Vallourec launched a consent solicitation on 2 September 2020
seeking the consent of the holders of its US law governed bonds due
in 2022 (Code: XS1700480160) and in 2023 (Code: XS1807435026). The
purpose of this consent solicitation was to obtain the consent,
with the required majority of each series of such bonds, to effect
certain waivers in order to permit Vallourec, if it wishes to do
so, to request the appointment of a mandataire ad hoc without such
action constituting an event of default under the indentures
governing such bonds.
Vallourec announces today that on 18 September
2020 it has received the requisite consents under each series of
bonds and that it intends to request, as soon as practicable, the
appointment of a mandataire ad hoc.
Vallourec has also obtained the authorizations
from its banks in accordance with the terms of the relevant
revolving credit agreements, to engage discussions with respect to
its financial restructuring.
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec’s pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 19,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK) and eligible for the Deferred Settlement
System (SRD), Vallourec is included in the following indices: SBF
120 and Next 150.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R2094, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
November 18th 2020
Release of third quarter and nine-month 2020 results
For further information, please
relations Jérôme FribouletTel: +33 (0)1 49 09 39
Press relations Héloïse Rothenbühler Tél: +33 (0)1
41 03 77
Free Number (from France): 0 805 65 10 10
- Vallourec-press-release-Consents obtained