TMK and Societe Generale Group Sign Credit Agreement
TMK announces that a credit agreement was signed between Seversky Tube Works (STW) and the Société Générale Group. The credit agreement of EUR 88.7 million will partially finance STW’s acquisition of a Fine Quality Mill (FQM).
The agreement between
Payments under the transaction will be carried out by Yekaterinburg branch of Bank Société Générale Vostok.
This additional 600,000 tpa. capacity will enable STW to produce 168-
Upgrading of Seversky’s pipe rolling equipment is carried out within the framework of
“We are very satisfied with our agreement with Société Générale as we attracted advantageous financing for one of our key investment projects. 2008 is the peak year for the implementation of our Investment Programme and we are confident it will be carried out as scheduled”, said
Alexei Pavin, General Director of the Yekaterinburg branch of Bank Société Générale Vostok, commented, “Given our parent company’s resources and experience, we can successfully compete with the largest Russian and international banking groups operating in the Russian financial lending sector. Long-term and large-scale facilities are a priority for the Bank Société Générale Vostok.”