Vallourec SA, a leader in premium tubular solutions serving the energy markets, with branches in Canada, USA, Brazil and Mexico, plans to raise approximately USD $1.1 billion (1 billion euros) to fund restructuring prompted by the slump in crude oil.
Just over half of that amount will come from a share rights offering, the company said recently in a statement. The balance will come from a convertible bond reserved for state-owned fund, Bpifrance, and Japan’s Nippon Steel & Sumitomo Metal Corp. – manufacturers of stainless steel, titanium and specialty stainless steel.