By Paul A. Harris
Portland, Ore., April 12 – Vallourec SA priced an upsized €400 million issue of 5.5-year senior notes (B) at par to yield 6 3/8% on Thursday, according to a market source.
The issue size was increased from €300 million.
The yield printed at the tight end of the 6 3/8% to 6½% yield talk and in line with initial guidance in the low-to-mid 6% area.
Joint global coordinator BNP Paribas will bill and deliver. JPMorgan and SG CIB were also joint global coordinators. Natixis was the joint bookrunner.
The Boulogne-Billancourt, France-based provider of industrial products and services plans to use the proceeds, together with cash on hand, to redeem its senior notes due August 2019 at maturity.
| Issuer: | Vallourec SA
|
| Amount: | €400 million, increased from €300 million
|
| Maturity: | Oct. 15, 2023
|
| Securities: | Senior notes
|
| Joint global coordinators: | BNP Paribas (bill and deliver), JPMorgan and SG CIB
|
| Joint bookrunner: | Natixis
|
| Co-managers: | CM-CIC, MUFG, Santander and SMBC Nikko
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 643 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until Oct. 15, 2020, then callable at 103.188
|
| Equity clawback: | 40% at 106.375 until Oct. 15, 2020
|
| Trade date: | April 12
|
| Settlement date: | April 19
|
| Rating: | S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 3/8% to 6½%
|
| Marketing: | Roadshow
|
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