Update on the financial restructuring of Vallourec

0

Update on the financial restructuring of Vallourec

Boulogne-Billancourt (France), November 17and 2020 – As previously announced, and within the framework of its ad hoc mandate, Vallourec SA has approached its creditors to restructure its debt which amounts to €3.5 billion as of September 30, 2020, of which €1.7 billion will mature in February 2021.

Following recent press articles referring to these discussions, Vallourec SA confirms that it wants to reduce its debt by just over 50% by converting debt into equity.

Discussions between the Company and its creditors have been initiated and the market will be informed of their outcome in due course.

About Vallourec

Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil and gas wells in harsh environments, next-generation power plants, demanding architectural projects and equipment high performance mechanics. Vallourec’s pioneering spirit and cutting-edge R&D are opening up new technological frontiers. With nearly 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand in hand with its customers to offer more than tubes: Vallourec offers innovative, safe, competitive and intelligent tubular solutions to make every project possible.

Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is part of the following indices: SBF 120 and Next 150.

In the United States, Vallourec has set up a level 1 sponsored American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). The parity between ADR and one ordinary Vallourec share was set at 5:1.

Calendar

November 18and 2020 Publication of results for the third quarter and the first nine months of 2020

For more information, please contact:

Investor Relations
Jerome Friboulet
Tel: +33 (0)1 49 09 39 77
[email protected]
Press relations
Heloise Rothenbühler
Tel: +33 (0)1 41 03 77 50
[email protected]

Individual shareholders
Green number (from France): 0 805 65 10 10
[email protected]

Share.

Comments are closed.