Russia's largest oil and gas pipe producer TMK has announced that it has carried out the repayment of its first Eurobonds issue of $300 million and has proceeded to its sixth coupon payment of $12.75 million. The aggregate amount paid out was $312.75 million.
Accordingly, the repayment of the Eurobond was financed through a $300 million loan from Russian stated-controlled bank VTB.
"Thanks to the support of strategic partners such as VTB, TMK continues to successfully refinance its short-term obligations and improve its debt profile in these challenging financial times," TMK CEO Alexander Shiryaev stated.
TMK's first Eurobonds issue was placed in September 2006 at an annual rate of 8.5 percent for a period of three years.
TMK repays $300 million Eurobonds through VTB loan
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