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Tulachermet OAO Receives Two Credits From Gazprombank-Interfax

Thursday, 27 Dec 2012 05:24am EST 

Interfax reported that Tula-based pig iron producer Tulachermet OAO (Tulachermet), part of Koks group controlled by coke producer Koks OAO, has secured a pair of credit lines from Gazprombank totaling RUB 4.5 billion. A credit line of RUB 500 million was obtained that is repayable by the end of July 2014, with the bulk of it to be paid off by July 8. The funds are provided at a rate of not more than 20% per annum, but not less than two-fifths of the Central Bank of Russia refinancing rate for credits in rubles and not less than LIBOR for the corresponding period on credits in foreign currency, the Company said. The other credit line of RUB 4 billion, is repayable before the end of December 2015, with the bulk of it to be repaid by the 24th of that month, according to the credit agreement terms. The funds will be dispersed in tranches, each of which can be open for a period of not more than 365 days. The interest rate depends on the currency lent and the time frame. For credits in rubles the rate is not more than 10.7% per annum, if in USD not over 6%. At the beginning of this month, Tulachermet announced plans to supply Industrial Metallurgical Trading with $500 million worth of pig iron in the period from November 2012 to December 2016. The Company's materials indicate that security is valued at $1.4 billion, with $500 million as the value of the contract with Industrial Metallurgical Trading and $900 as the value of a contract with Alpicom S.A. 

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