Chelyabinskiy truboprokatnyi zavod : ChelPipe Signed Credit Lines with Sberbank, Gazprombank and VTB Bank

ChelPipe Signed Credit Lines with Sberbank, Gazprombank and VTB Bank

Public Joint Stock Company Chelyabinsk Pipe plant (ChelPipe), the leading Russian manufacturer of tubular goods and the provider of integrated solutions for fuel and energy companies, announces lines of credit signed with Sberbank, VTB Bank and Gazprombank amounting up to 80 billion rubles. The maturity of the loans is up to 7 years.
The funds received will be spent on refinancing the current debt under the syndicated loan obtained from 13 banks in 2012. This will facilitate an early repayment of the government guarantee for the said loan. The new loans have been acquired under favorable terms and will help the Company optimize the repayment schedule for the main debt, while reducing the interest costs.
ChelPipe would like to thank its strategic financial partners for the support and the efficient cooperation.
'The new credit agreements will help the company to refinance the syndicated loan, improve the Group's debt profile and reduce interest costs', commented Valery Borisov, ChelPipe CFO. He added that the Company expressed its sincere gratitude to the Government of the Russian Federation; represented by the Ministry of Industry and Trade, Ministry of Economy, Ministry of Finance, and the Bank for Development and Foreign Economic Affairs (Vnesheconombank). The ministries mentioned were behind the government guarantee for the Group's loans. 'It is very important for us to honor the special trust placed in the Company', underscored Mr. Borisov.

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