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Latham Advises on Refinancing for Vallourec S.A.

April 23, 2024
Cross-border capital markets and banking team advises on US$820 million senior notes offering, €550 million multi-currency revolving credit facility, and US$350 million ABL facility in connection with the refinancing for the premium tubular solutions company for the energy markets and for industrial applications.

Vallourec S.A., a world leader in premium tubular solutions headquartered in Meudon, France, has announced that it has successfully priced an offering of Senior Notes due 2032 (the Notes) in an aggregate principal amount of US$820 million, which will be issued at par and will bear interest at a rate of 7.500% per annum. The offering of the Notes is expected to close on April 23, 2024, subject to customary closing conditions. Also as part of the refinancing, Vallourec entered into a new 5-year €550 million multi-currency revolving credit facility (RCF) with a substantially diversified, global banking group and entered into an upsized and extended 5-year US$350 million ABL facility in the United States.

Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by New York partners Ian Schuman and Erika Weinberg, with associates James Sullivan and Emma Fichtel. Advice was also provided on French law matters by Paris partner Roberto Reyes Gaskin, with associate Adrien Couvrecelle;* on tax matters by New York partner Jocelyn Noll and Paris partner Xavier Renard, with associate Clémence Morel; and on export controls matters by London partner Charles Claypoole and Washington, D.C. counsel Ruchi Gill, with associate Thomas Lane.

Latham also represented the lenders in the revolving credit facility and ABL facility with a banking team led by London partner Ross Pooley, New York partner Conray Tseng, and San Diego counsel Joshua Chao, with associates Simba Gonondo, Theon Richards, Daniel Ovadia, Sean Travers, and Victoria Basedow.

*Admitted to practice in New York only.