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White & Case Advises Ad hoc Group of Bondholders and RCF on Vallourec's Financial Restructuring

Global law firm White & Case LLP has advised Vallourec's ad hoc group of bondholders and RCF, led by Apollo, SVP, Bybrook and M&G, on the negotiation of an Agreement in Principle reached as part of the financial restructuring of Vallourec, world leader in premium tubular solutions for the energy markets and for demanding industrial applications.

The Agreement in Principle concluded between the various stakeholders on February 3, 2021 primarily envisages:

  1. A major deleveraging of Vallourec, representing approximately €1.8 billion, which is more than half of the principal amount of its debt.
  2. The refinancing of the residual debt and the securing of significant liquidity and operational financing.

Subject to approval by the creditors' committees and Vallourec's General Meeting of Shareholders, this Agreement in Principle will enable the company to consolidate its balance sheet and reduce its debt and interest expenses to a suitable level that takes into account the consequences and uncertainties related to the coronavirus and oil markets crises. Apollo and SVP will become the company's largest shareholders.

The White & Case team which advised on the transaction was led by partner Saam Golshani (Paris) and included partners Guillaume Vitrich, Franck De Vita, Séverin Robillard, Denise Diallo, Yann Utzschneider, Alexandre Ippolito (all Paris), Gilles Teerlinck (London), Thomas Lauria (New York & Miami), counsel Orion Berg (Paris) and associates Hugues Racovski, Amandine Grima, Tiphanie Levassort, Laure Elbaze, Fanny Abouzeid, Blanche Lancrey-Javal, Sarah Kouchad (all Paris), Mark Franke (Boston), Christine DeVito (New York), Brian Dearing and Adrien Dumoulin-Smith (both London).

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