PAO TMK (“TMK” or “the Company”), one of the world’s leading producers of tubular products for the oil and gas industry, on December 29, 2015, completed a deal with VTB Bank to raise around RUB 10 billion by selling its shares. Part of the shares will be delivered in the course of 2016.
TMK has a right to buy the shares back.
The funds will be used to reduce debt by repaying bank loans in 2016.
TMK’s management believes this transaction is beneficial to the Company, its creditors and investors. It will enable TMK to significantly reduce the debt by using its own shares.
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