TUBACEX, the second global manufacturer of seamless stainless steel tubes, has successfully ended negotiations and signed bilateral agreements with twelve financial institutions for a total amount of EUR 160 million

The agreements, therefore, refer to the extension of the maturity of the credit lines that finance the company's operations, as well as refinancing the credit for capital expenditure for the development of manufacturing capacities for new products.

The agreements, that amount to EUR 160 million, imply trebling the maturity of the credit lines for a total value of EUR 80 million and the renewal of the rest of the currently existing credit lines.

Furthermore, 5 year loans with 2 year grace period were signed to refinance EUR 50 million.

The operation increases the financial stability of the company and shows the trust that financial institutions have in TUBACEX in these times of great macroeconomic uncertainties and lack of credit in the markets.

Despite the complex market situation, in 2012 the company expects to significantly improve the results of the previous financial year thanks to the incorporation of new products in its portfolio, the recovery of the export market in traditional products and the improvement in prices.

Source - TUBACEX,

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