EnglishTMK Artrom will ask shareholders to make a decision on a 40 million EUR loan to be taken jointly with TMK - Resita from Erste Bank in order to refinance internal loans taken from other Group entities and to reduce financial costs, the company wrote in an announcement to the Bucharest Stock Exchange quoted by NewsIn. If approved by the shareholders, the loan will be reimbursed in eight equal instalments over three years. The interest rate will be EURIBOR - 1 month plus 1.4% plus a 1% management fee.
The loan will be collateralized with mortgages on several buildings and plots of land owned by TMK Artrom and TMK Resita and a letter of guarantee for 20 million EUR issued by TMK Moscow. The bank accounts of the two companies will be placed under a gage, whereas an 80 million EUR receivable resulting from an export contract between TMK Artrom and TMK Italy will be ceded. TMK Artrom - Slatina concluded last year with a net profit of 21.4 million RON (5.92 million EUR), three times less than in 2006. The turnover gained 55.4%.
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