SC TMK ARTROM SA and BCR signed an over EUR 45 mn worth credit facilitiy

The term loan of EUR 20 million is secured with Corporate Guarantee issued by mother company OAO TMK and is aimed at improving the current debt structure of SC TMK ARTROM SA in line with strategic restructuring of credit portfolio.

BCR has also increased the existing facilities available for SC TMK ARTROM SA: the overdraft facility from EUR 18.4 million to EUR 20 million, up to 3 years tenor, and the discounting line for promissory notes from RON 5 million to RON 10 million, 1 year tenor.

In addition to the above, BCR provided a new treasury line of EUR 3 million, 3 years tenor, for the purposes of interest rate and FX risk hedging.

'We have a long-term cooperation with BCR. In 2005 we received a four year investment loan of 23.7 million Euro aimed at construction and launching the modern pipe hot-rolling mill in TMK ARTROM. Thus we have strengthened our positions in the European market and almost doubled our production capacities. With these new facilities we continue our long-term cooperation with the bank bringing it to the new strategic level', said Adrian Popescu, CEO of TMK European Division.

'ARTROM, now part of TMK Group, has been one of BCR's core clients for more than 20 years and our intention is to further strengthen the relationship – this is proved by the fact that we are increasing our exposure towards TMK even in a difficult economic and financial environment', stated Diana Hudymač - Executive Director of Group Large Corporate Division within BCR.

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TMK is a leading global manufacturer and supplier of steel pipes for the oil and gas industry, operating 24 production sites in the United States, Russia, Romania and Kazakhstan. Among global leaders, TMK has the largest steel pipe production capacity. The largest share of TMK's shipments belongs to high margin oil country tubular goods (OCTG). In 2010, TMK's pipe sales totaled approximately four million tonnes, shipped to customers in more than 65 countries.

TMK's ordinary shares are listed on Russia's MICEX and RTS stock exchanges. Its GDRs are traded on the London Stock Exchange, and its ADRs – on the OTCQX International Premier trading platform in the U.S.

Banca Comerciala Romana (BCR), a member of the Erste Group, is the most important financial group in Romania, including the companies on the leasing, asset management, private pension and housing bank market. BCR is the No. 1 bank in Romania assets-wise (over EUR 16 billion worth), the No. 1 bank according to the number of clients and the No. 1 bank on the saving and lending segments. BCR is the most valuable financial brand in Romania, according to the level of clients' trust and to the number of those for whom BCR is the main institution they do banking with.

BCR offers a full range of financial products and services, through a network of 48 corporate commercial centers and 668 retail branches and agencies located in most of the Romanian cities with a population of more than 10,000 inhabitants. BCR is the No. 1 bank in Romania on the cards and banking transactions market, as BCR clients benefit from the largest national ATM network – over 2,000 machines and POS - over 18.000 electronic terminals operational at the merchants, for card payments, as well as a complex offer of banking products and services, including Internet banking, phone banking and e-commerce services.

Erste Group is the leading financial services provider in Central and Eastern Europe. More than 50,000 employees serve 17 million clients in 3,200 branches in 8 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia, Ukraine). As of 30 September 2011 Erste Group has reached EUR 216.1 billion in total assets, an operating result of EUR 2,631.9 million and a cost-income-ratio of 52.4%.

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