Vallourec - comment

SVP, one of the main creditors during the restructuring of Vallourec last year, is placing c.50% of their shares via Goldman Sachs and Barclays. This will reduce their holdings from 12.3% to c. 6%. Given the share performance this year, up 48%, it adds further momentum to the exit of Vallourec from distressed hands back into traditional holders. Next stop is likely a refinancing of the 8.5% notes when they are callable next June.