As part of state support of Russian industry VTB Group will provide $450 mln. loan to TMK. The loan will be provided for a 365 days period with an annually prolongation option, but not more than for 1825 days.
The loan is provided for a partial buyback of TMK’s second Eurobond issue arranged by UBS and VTB Capital.
Mikhail Butrin, Co-Head of Global Banking at VTB Capital, Investment Business of VTB Group, said: “Providing loan to TMK is a significant project in terms of VTB Group’s initiative to support Russian business. TMK is Russia’s largest manufacturer and exporter of steel pipes and ranks among the top three global pipe producers. The loan will enable TMK to further develop its business and strengthen its positions on world steel pipes market”.
Head of Press