Vallourec SA

Vallourec SA launched an offering of €300 million (US$369.5 million) aggregate principal amount of its senior notes due 2023. The proceeds from the offering are expected to be used together with cash on hand, to refinance Vallourec's outstanding bonds due August 2019 by redeeming them when they mature and to pay certain fees and expenses. Until then, Vallourec will retain such proceeds in its general corporate treasury account and reduce existing and future short-term borrowings.