Vallourec launches US$1bn capital increase
Embattled French steel tube maker Vallourec announced on Friday the launch of a rights issue and a convertible bond sale aimed at raising about 1bn euros (US$1.14bn).
Vallourec will use proceeds of the 480mn-euro rights issue and the 514mn-euro convertible bond sale to help finance its strategic initiatives announced in February, it said in a release.
At the time, Vallourec said it would conduct a global restructuring aimed at enhancing its competitiveness through the creation of two production hubs in Brazil and China, among other measures. The company said it will also downsize its European capacity 50% and focus on high-value and specialized business.
Also in February, Vallourec reported a net loss of 865mn euros for 2015, compared with a 924mn-euro loss posted for 2014. Revenue fell 33.3% to 3.80bn euros.
In Brazil, Vallourec's revenue from sales to the oil and gas sector were down in 2015, affected by lower drilling activity compared with 2014.
Vallourec manufactures seamless hot rolled steel tubes. The company produces around 3Mt/y at facilities in Europe, Brazil, the US and China.
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