Chelyabinsk Pipe Plant (ChelPipe) has announced early payment of the syndicated loans totaling 80 billion rubles obtained in 2012. The loans were refinanced with funds obtained under credit arrangements signed with VTB Bank, Gazprombank and Sberbank in December 2016.
The new loans have been acquired on more favorable terms, which helped the company cut its interest expenses and optimize the repayment schedule for the main debt. The guarantee of the RF Ministry of Finance granted in 2012 as a collateral for the syndicated loans, will be returned ahead of schedule.
“The refinancing of the syndicated loans is a key element of our program aimed at ChelPipe Group’s higher operating performance. Its effective implementation has improved the company’s competitiveness on capital markets”, commented Valery Borisov, ChelPipe CFO. (Metalinfo/Ukrainian metal)