Deals
TMK Sells $137 Million Stake to VTB Bank to Cut Pipemaker's Debt
- Pipemaker's shares will be delivered to Russian lender in 2016
- Company will have right to repurchase shares from VTB Bank
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TMK PJSC, Russia’s largest pipe producer for the oil and gas industry, will sell 10 billion rubles ($137 million) of shares to VTB Bank to cut its debt burden.
As a part of the deal, TMK has already sold 8 percent of stock held in treasury, Strategy and Business Development Vice-President Vladimir Shmatovich said on a conference call with reporters after the announcement Wednesday. The rest of the shares will be delivered to the lender in 2016.