ChTPZ Group factories borrow 86.6 bln rubles from pool of banks
CHELYABINSK. Nov 1 (Interfax) - Pipe factories in the ChTPZ Group have taken out seven-year loans worth a total of 86.575 billion rubles from a pool of banks headed by Sberbank of Russia , Gazprombank and Bank of Moscow , according to the materials of Chelyabinsk Tube Rolling Plant (ChelPipe), which is part of the ChTPZ Group.
On October 31, ChelPipe signed a loan agreement for no more than 58.53 billion rubles, and OJSC Pervouralsk New Pipe Plant (PNTZ, also part of the ChTPZ Group) signed an agreement for no more than 28.045 billion rubles. These loans have to be paid back by October 30, 2019.
For ChelPipe, the obligations for the transactions, including interest payments, total 107.435 billion rubles. For PNTZ, they come to 51.507 billion rubles.
The pool of banks includes Sberbank, Gazprombank, Bank of Moscow, Raiffeisenbank, Nomos-Bank , UniCredit Bank, Alfa Bank , Uralsib , Sviaz Bank , MTS-Bank , TransCreditBank , Chelindbank , Surgutneftegazbank and Ak Bars Bank .
ChelPipe's shareholders approved these loans at an extraordinary meeting on October 29, where they were asked to consider a 63.1-billion-ruble loan agreement under state guarantee.
As of the end of last year, the ChTPZ Group had 110.9 billion rubles in net debt, up 34% over the year before. At the beginning of June, information surfaced that the group had asked the Russian government for state guarantees on 30 billion rubles to refinance loans.
At the end of May, First Deputy Prime Minister Igor Shuvalov ordered the relevant ministries to look into and prepare proposals on providing state guarantees for loans taken out to implement investment projects. However, according to government sources, issues emerged within the ministries regarding restrictions on state guarantees imposed by government order #107. According to that order, state guarantees on the implementation of investment programs cannot surpass 50% of their value. Meanwhile, ChTPZ's three projects are worth a combined 44.2 billion rubles.
The ChTPZ Group manages the iron and steel enterprises ChelPipe, PNTZ, scrap metal company LLC Meta, the metal trading subdivision CJSC Uraltrubostal Trading House, and an oil service division represented by Rimera. Arkley Capital manages the group's assets.]
According to last year's prospectus for ChTPZ's initial public offering (IPO), about 73% of the company is controlled by Andrei Komarov, who owns 95% of the company Mountrise, which in turn owns 76.8% of ChTPZ. ChTPZ's chief Alexander Fyodorov owns about 8.1% - he has 5% of Mountrise and 100% of the company Poweredge, which has a 4.3% stake in ChTPZ.
