Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 75

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 75
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 release of certain corporate guarantees previously issued
by Techgen’s shareholders to secure the replaced facility.

The existing syndicated loan agreement is “non-recourse” on
the sponsors. Techgen’s obligations thereunder are guaranteed by a Mexican security trust (covering shares, assets, accounts and
contract rights), account pledges and certain direct agreements –customary for these type of transactions–. The commercial
terms and conditions governing the purchase by the Company’s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen
remain substantially unchanged.

Under the loan agreement, Techgen is committed to maintain a debt service
reserve account covering debt service becoming due during two consecutive quarters; such account is funded by stand-by letters of credit
issued for the account of Techgen’s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company
applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 2024, amounted to $10.9
million.

| - 49 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

| 15 | Receivables non-current, net |

|                                          |     | Year ended December 31, |    2024 |     |     |    2023 |
|:-----------------------------------------|:----|:------------------------|--------:|:----|:----|--------:|
| Employee advances and loans              |     |                         |   9,120 |     |     |   7,395 |
| Tax credits (*)                          |     |                         |  66,636 |     |     |  53,483 |
| Receivables from related parties         |     |                         |  69,843 |     |     |  69,820 |
| Legal deposits                           |     |                         |   6,858 |     |     |   9,355 |
| Advances to suppliers and other advances |     |                         |  37,434 |     |     |  27,043 |
| Others                                   |     |                         |  15,711 |     |     |  18,863 |
|                                          |     |                         | 205,602 |     |     | 185,959 |

(*)As of December 31, 2024 and