Press Release
Press Release

White & Case Advises Bank Syndicate on Vallourec's €480 Million Rights Issue

Global law firm White & Case LLP has acted as international legal counsel to the syndicate of banks on Vallourec's €480 million rights issue. The syndicate comprised Banco Santander, BNP Paribas, Crédit Agricole Corporate & Investment Bank, Goldman Sachs International, J.P Morgan, Natixis and Société Générale Corporate & Investment Banking as Global Coordinators.

Vallourec is a world leader in premium tubular solutions primarily serving the energy markets. With over 20,000 employees in more than 20 countries, Vallourec generated revenue of € 3.8 billion during 2015. The proceeds of the rights issue will be used to implement the group's strategy, specifically a global industrial reorganization including, in particular, the development of competitive production hubs in Brazil and China, the rationalization of its European production operations and the strengthening of its balance sheet and financial flexibility.

Bpifrance, which holds 10.32 percent of the company's share capital, and Nippon Steel & Sumitomo Metal Corporation, which holds 1.45 percent of its share capital, have undertaken together to subscribe to the rights issue prorata to their respective current shareholding.

The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Colin Chang with support from counsel Max Turner and associate Isabelle Touré-Farah.

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