Vallourec’s lenders have initiated the syndication of a $1.1 billion loan, Bloomberg reports. BNP Paribas, Credit Agricole, Commerzbank, Credit Industriel et Commercial, HSBC Holdings, Natixis, Santander and Societe Generale are marketing the loan. The five-year revolving credit will be sold to a wider group of lenders. The company, which makes steel pipes for the oil and gas industry, will use the proceeds to refinance an $857 million loan facility due in 2013, which also includes a $300 million term loan and a $455.14 million revolving credit.
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