OREANDA-NEWS. September 13, 2011. HMS Group (LSE: HMSG), the leading pump manufacturer and provider of flow control solutions and related services in Russia and the CIS, announces today that West Siberian branch of Sberbank, the largest finance institute in Russia and CIS, has provided HMS Group with a 3-year credit line, collateralized by guarantees of HMS Group entities, in the total amount of RUB 2.25 billion (around USD 77 million).

The credit facility could be used to substitute HMS Group’s existing short-term debt by steadier long-term one and lower cost of available debt going forward.

"We have healthy order book and project pipeline in a mid-term perspective. This credit line will allow us to increase working capital needed for their implementation. Moreover it could be used as a source of additional liquidity, given that uncertainty in the global economy perspectives may lead to the negative scenario of economy development" said Artem Molchanov, Managing Director and Chief Executive Officer, HMS Group.