Russia's VTB lends TMK $450 mln for loan repurchase

MOSCOW, July 9 (Reuters) - Russian state-run bank VTB (VTBR.MM) said on Thursday it has agreed to provide steel pipemaker TMK (TRMK.MM) with a $450 million loan to fund the partial buyback of a $600 million Eurobond issue.

On Wednesday TMK had said it would buy back up to $425 million of the 2011 notes and that it was in the final stages of talks with an unnamed bank to finance the repurchase. [ID:nL8347958]

The one-year loan has an annual extension option with a maximum period of 1,825 days, or five years. (Reporting by Alfred Kueppers; Editing by Greg Mahlich)