Vallourec announced a massive rights issue (c.€1bn) which will take the form of a capital increase and a reserved convertible bond issue (c. €510m and €490m respectively). The convertible bond issue is reserved to Nippon Steel and BPI France at a price of €11 for a €365m tranche and at the price of the capital increase for the remaining €125m tranche, while bonds will be converted into shares at the latest 2 years after issuance. The bond issue is subordinated to
01 Feb 2016
A massive rights issue. Thank God, not only…
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A massive rights issue. Thank God, not only…
Vallourec announced a massive rights issue (c.€1bn) which will take the form of a capital increase and a reserved convertible bond issue (c. €510m and €490m respectively). The convertible bond issue is reserved to Nippon Steel and BPI France at a price of €11 for a €365m tranche and at the price of the capital increase for the remaining €125m tranche, while bonds will be converted into shares at the latest 2 years after issuance. The bond issue is subordinated to