Vallourec replaces its two bank facilities with a single €750 million credit facility
On 6 November 2026, the seamless steel tube manufacturer announced the replacement of its two undrawn bank facilities, one of which was an asset-backed financing line, with a single multi-currency revolving credit facility. According to the press release, the terms obtained are more favourable and financing costs are lower compared with the refinanced lines.
A single facility replaces two undrawn bank financings
The new €750 million revolving credit facility replaces the €550 million revolving credit facility signed in April 2024 and the $350 million asset-backed financing line signed in November 2022. Neither of these two facilities was drawn.
The new financing has a five-year maturity, with two one-year extension options, and will finance the general corporate needs of the group. It also includes a €225 million accordion option, subject to lenders' approval.
The fundamental change lies in the move from a two-line arrangement, one of which was asset-backed, to a single facility compliant with the "Investment Grade" model of the Loan Market Association (LMA). Vallourec presents the transaction as "an important evolution of the Group's financing structure".
Thirteen banks in the syndicate, compared with nine previously
Coordinated by BNP Paribas and Natixis CIB, the transaction brings together a syndicate of thirteen international banks, compared with nine for the revolving credit facility it replaces. According to the group, it was significantly oversubscribed.
The company sees this as a sign of the "strong support" from its international banking partners, as well as the "confidence of lenders in Vallourec's financial profile and strategy".
