Erste’s BCR Approves $61 Million Loans to TMK’s Romanian Unit

Nov. 21 (Bloomberg) -- Romania’s Banca Comerciala Romana SA will lend about 45 million euros ($61 million) to TMK-Artrom SA, a pipe producer majority-owned by OAO TMK, the world’s second-biggest maker of pipes for the oil and gas industry.

BCR, Romania’s biggest bank by assets, approved a 20 million-euro credit to TMK-Artrom over the next five years to improve its debt structure, the bank said in an e-mailed statement today in Bucharest.

The lender has also approved a new treasury line for TMK-Artrom worth 3 million euros and increased existing funding facilities of about 22 million euros.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net