VLOWY Vallourec SA (PK)

France-based steel pipe- and tube-maker Vallourec SA (VK.FR) has priced its EUR650 million, five-year bond at 240 basis points over midswaps, one of the banks running the deal said Wednesday.

Final books are more than EUR3 billion. The final guidance was at the tight end of an already tight guidance of 240 to 245 basis points.

BNP Paribas S.A., Credit Agricole S.A., JPMorgan Chase & Co., Natixis and Societe Generale S.A. are the lead managers on the sale, which is the company's first venture into the bond market.

Vallourec met with investors across Europe in November.

The issuer is rated BBB+ by Standard & Poor's Corp.

 
Amount:           EUR650 million 
Maturity:         February 14, 2017 
Coupon:           4.250% 
Reoffer Price:    99.379 
Payment Date:     December 14, 2011 
Spread:           240 basis points over midswaps 
Debt Ratings:     BBB+ (Standard & Poor's) 
Interest:         Annual 
 

-By Sarka Halas, Dow Jones Newswires, +44 (0) 207 842 9236;

Sarka.Halasova@dowjones.com

(Alessandro Pasetti contributed to this report)

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