The five-year loan is backed by a corporate guarantee issued by parent company OAO TMK, and it will be used to optimize the structure of the debts currently owed by the company, BCR said in a news release.
In addition, BCR extended an overdraft credit line held by TMK Artrom to EUR20 million, from EUR18.4 million, while maturity was increased to three years, from the initial one year.
In addition, the bank granted a new treasury credit line, worth EUR3 million, with 3-year maturity, aimed at covering interest rate and currency exchange risks.
TMK Europe, the German subsidiary of Russian group TMK, holds 92.66% in TMK Artrom Slatina.
BCR is Romania’s largest lender in terms of assets.