Vallourec, a supplier of tubular products, signed a €750 million multicurrency revolving credit facility on Nov. 6 to consolidate two unused arrangements under terms it says better fit its investment-grade profile and lower financing costs.
The agreement has a five-year initial maturity and permits two extensions of one year apiece. Banks can approve a further €225 million in capacity under an accordion option. Vallourec said the facility will support the group’s general corporate funding needs.
The new line takes the place of a €550 million revolving credit facility agreed in April 2024 and a $350 million asset-backed facility signed in November 2022. Neither had been drawn, according to Vallourec.
Thirteen international banks joined the syndicate, with BNP Paribas and Natixis CIB coordinating the deal. The previous revolving facility had nine participating lenders. The new line follows the Loan Market Association’s (LMA) Investment Grade template. Vallourec said demand substantially exceeded the amount offered and that lender participation reflected confidence in its financial profile and strategy.
