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EBRD to grant $277 mln loan to Urals pipe producer ChTPZ

MOSCOW, May 21 (RIA Novosti) - The Chelyabinsk Pipe Rolling Plant (ChTPZ) will receive a 205 million euro (about $277 million) loan from the European Bank for Reconstruction and Development (EBRD), the plant's parent company said Monday.

Under an agreement signed by the parties, ChTPZ will receive the loan in two parts, 145 million euros (about $196 million) and $80 million, to be syndicated by commercial banks. The funds to be disbursed directly by the EBRD will have a maturity of nine years while the remaining part will be provided for a term of seven years, ChTPZ Group said in a statement.

The borrowed funds are intended to finance the construction of a 300 million euro ($405 million) electric furnace facility on the territory of the Pervouralsk New Pipe Plant and to restructure ChTPZ's loan portfolio, the statement said.

Based in the southern Urals, ChTPZ Group, a leading Russian metallurgical group with a 22% share on Russia's pipe market, incorporates the Chelyabinsk Pipe Rolling Plant, the Pervouralsk New Pipe Plant, the Chelyabinsk Zinc Plant, ChTPZ - Integrated Pipe Systems, engaged in pipe components production and sale, Metris metals sales company and ChTPZ-Meta ferrous scrap procurement, processing and sales company.

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