Russian pipe producer TMK has announced that it has completed a deal with Russian state-run bank VTB to sell shares to raise around RUB 10 billion ($136.85 million). Part of the shares will be delivered in the course of 2016. TMK has the right to buy the shares back.
TMK stated that the funds will be used to reduce debt by repaying bank loans in 2016. The company believes that this transaction will enable it to significantly reduce its debt.