Vallourec progresses its holistic balance sheet refinancing with successful pricing of its 2032 Senior Notes offering - Seite 2

The pro forma effects of the transaction lead to a reduction of net debt compared to the reported net debt of €570 million as of December 2023.

Philippe Guillemot, Chairman of the Board of Directors, and Chief Executive Officer, declared: “I am extremely pleased with the results of this transaction and our overall balance sheet refinancing. This step further strengthens Vallourec's financial position and sustainably improves its cash flow generation. The completion of this transaction will give us both greater visibility and financial flexibility over the coming years.

The New Vallourec plan, initiated in May 2022, resulted in an improvement of our operating results, and ultimately enabled us to reduce net debt, extend our debt maturities, maintain a very healthy liquidity profile and, importantly, improve Vallourec’ ongoing cash generation”.

Cautionary Statements

This announcement constitutes a public disclosure of inside information under Regulation (EU) 596/2014, as amended.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such offer, solicitation or sale would be unlawful. This press release is not an offer of securities for sale in the United States. The Notes and the guarantees thereof will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, the offering will be made only to “qualified institutional buyers” (as defined in Rule 144A of the U.S. Securities Act) in compliance with Rule 144A under the U.S. Securities Act (“Rule 144A”) and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

The offer and sale of the Notes will be made only to qualified investors pursuant to an exemption under Regulation EU 2017/1129, as amended (the "Prospectus Regulation") from the requirement to produce a prospectus for offers of securities. This announcement does not constitute a prospectus within the meaning of the Prospectus Regulation or an offer to the public.