Vallourec to price $820 million eight-year notes on Thursday; initial talk high-7% to 8% area

By Paul A. Harris

Portland, Ore., April 16 – Vallourec SA started a roadshow on Tuesday for an $820 million offering of senior notes due 2030, according to market sources.

Initial guidance has the deal coming to yield in the high-7% to 8% area, a trader said.

The Rule 144A and Regulation S for life eight-year notes come with two years of call protection.

Global coordinator and joint bookrunner Barclays will bill and deliver. Wells Fargo is also a global coordinator and joint physical bookrunner. BNP Paribas and Natixis are global coordinators and joint bookrunners.

Commerz, Fifth Third, JPMorgan, Morgan Stanley and U.S. Bancorp are joint bookrunners.

The France-based manufacturing company, which specializes in hot rolled seamless steel tubes, plans to use the proceeds to refinance its euro-denominated unsecured notes and repay bank debt.

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