EX-10.12



 Exhibit 10.12 

AMENDMENT TO CREDIT AGREEMENT 

July 15, 2013 
 AMENDMENT
TO CREDIT AGREEMENT, dated as of January 30, 2009, as amended on November 1, 2010, and amended and restated as of November 29, 2010 as amended from time to time (the “Agreement”), by and between IPSCO Tubulars
Inc., a company incorporated and organized under the laws of Delaware, as the borrower (the “Borrower”) and “Volzhsky Pipe Plant” OJSC, a company organized under the laws of the Russian Federation, a
company organized under the laws of the Russian Federation, as the lender (together with any successors, assignees or transferees thereof, the “Lender”). 

RECITALS 
 WHEREAS, the
Borrower and the Lender entered into a Credit Agreement dated as of January 30, 2009, amended on November 1, 2010, and amended and restated as of November 29, 2010 (the “Credit Agreement”) providing for a working
capital term loan or loans in an aggregate amount not to exceed $207 542 000,00 (the “Limit Amount”) to be made by the Lender in favor of the Borrower; 

NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and promises set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged and accepted, the parties hereto agree to amend the Credit Agreement from July 1st, 2013 as
follows: 
 1. Amend clause 1.01 Definitions: 

“Maturity Date” means March 20, 2019. 

2. Amend clause 2.03. (item (i) of sub-clause (a)): 

2.03. Interest 
  

	 	(a)	Interest Rate and Payment 

 (i) Each Loan shall bear interest on the unpaid principal amount
thereof, from and excluding the funding date for such Loan to and including the due date or the date of any repayment thereof, at a rate per annum equal to 8.5%. 

3. Amend Exhibit B “Payment Schedule” as enclosed hereto. 

4. Governing Law. This Amendment shall be construed in accordance with, and this Amendment and all claims and causes of action arising
out of the transactions contemplated hereby shall be governed by, the laws of the State of New York. 
 5. Headings. The descriptive
headings contained in this Amendment are provided for convenience of reference only and shall not affect in any way the meaning or interpretation of this Amendment. 

6. Counterparts. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all of
which together shall be deemed to be one and the same instrument. 
  
 



 







 7. Severability. If any term, provision, covenant or restriction contained in this
Amendment is held by a Governmental Authority to be invalid, illegal, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions contained in this Amendment shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and this Amendment shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable term, provision, covenant or restriction or any portion
thereof had never been contained herein. 
 [signature page follows] 

 
 



 

  
 2 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first set forth above. 
  

			
	Borrower:
	
	IPSCO TUBULARS INC.
		
	By:	 	/s/ Peter Dimitri Galitzine
	Name:	 	Peter Dimitri Galitzine
	Title:	 	Chairman


  

			
	“Volzhsky Pipe Plant” OJSC
		
	By:	 	/s/ Sergey Chetverikov
	Name:	 	Sergey Chetverikov
	Title:	 	Managing Director
		
		 	






  
 



 

  
 3 









							
		 		  		  	Exhibit B “PAYMENT SCHEDULE”
	196 542 000	 	Principal amount	  		  	VTZ
	 12,00%

10,00%
 8,50%
	 	 Rate - 2010
 Rate - 2011 through July 2013

Rate - July 2013 and beyond
	  	PREPAYMENT OF PRINCIPAL MO. 1	  	0,00
		 	ABL Intercompany loan effective date	  	29.11.2010
	1 995 000	 	Partial Month Payment	  	29.11.2010	  	20.12.2010 Days
	2 850 000	 	Month payment	  	10/31/2019-Loan Maturity	  	            See List “A”

  

																	
	 Month
	  	Open balance -
principal	 	  	Interest
payment	 	  	Principal
repayment	 	  	Closing balance -
principal	 
	 20.12.2010
	  	$	196 542 000,00	 	  	$	1 986 958,85		  	$	863 041,15	 	  	$	195 678 958,85	 
	 20.01.2011
	  	$	195 678 958,85	 	  	$	1 779 874,37	 	  	$	1 070 125,63	 	  	$	194 608 833,21	 
	 20.02.2011
	  	$	194 608 833,21	 	  	$	1 652 842,15	 	  	$	1 197 157,85	 	  	$	193 411 675,36	 
	 20.03.2011
	  	$	193 411 675,36	 	  	$	1 483 706,00	 	  	$	1 366 294,00	 	  	$	192 045 381,36	 
	 20.04.2011
	  	$	192 045 381,36	 	  	$	1 631 070,36	 	  	$	1 218 929,64	 	  	$	190 826 451,72	 
	 20.05.2011
	  	$	190 826 451,72	 	  	$	1 568 436,59	 	  	$	1 281 563,41	 	  	$	189 544 888,31	 
	 20.06.2011
	  	$	189 544 888,31	 	  	$	1 609 833,30	 	  	$	1 240 166,70	 	  	$	188 304 721,61	 
	 20.07.2011
	  	$	188 304 721,61	 	  	$	1 547 710,04	 	  	$	1 302 289,96	 	  	$	187 002 431,65	 
	 20.08.2011
	  	$	187 002 431,65	 	  	$	1 588 239,83	 	  	$	1 261 760,17	 	  	$	185 740 671,48	 
	 20.09.2011
	  	$	185 740 671,48	 	  	$	1 577 523,51	 	  	$	1 272 476,49	 	  	$	184 468 194,99	 
	 20.10.2011
	  	$	184 468 194,99	 	  	$	1 516 176,95	 	  	$	1 333 823,05	 	  	$	183 134 371,94	 
	 20.11.2011
	  	$	183 134 371,94	 	  	$	1 555 387,82	 	  	$	1 294 612,18	 	  	$	181 839 759,76	 
	 20.12.2011
	  	$	181 839 759,76	 	  	$	1 494 573,37	 	  	$	1 355 426,63	 	  	$	180 484 333,12	 
	 20.01.2012
	  	$	180 484 333,12	 	  	$	1 530 178,57	 	  	$	1 319 821,43	 	  	$	179 164 511,70	 
	 20.02.2012
	  	$	179 164 511,70	 	  	$	1 517 513,62	 	  	$	1 332 486,38	 	  	$	177 832 025,32	 
	 20.03.2012
	  	$	177 832 025,32	 	  	$	1 409 051,57	 	  	$	1 440 948,43	 	  	$	176 391 076,89	 
	 20.04.2012
	  	$	176 391 076,89	 	  	$	1 494 022,78	 	  	$	1 355 977,22	 	  	$	175 035 099,67	 
	 20.05.2012
	  	$	175 035 099,67	 	  	$	1 434 713,93	 	  	$	1 415 286,07	 	  	$	173 619 813,60	 
	 20.06.2012
	  	$	173 619 813,60	 	  	$	1 470 550,33	 	  	$	1 379 449,67	 	  	$	172 240 363,94	 
	 20.07.2012
	  	$	172 240 363,94	 	  	$	1 411 806,26	 	  	$	1 438 193,74	 	  	$	170 802 170,20	 
	 20.08.2012
	  	$	170 802 170,20	 	  	$	1 446 685,05	 	  	$	1 403 314,95	 	  	$	169 398 855,25	 
	 20.09.2012
	  	$	169 398 855,25	 	  	$	1 434 799,05	 	  	$	1 415 200,95	 	  	$	167 983 654,29	 
	 20.10.2012
	  	$	167 983 654,29	 	  	$	1 376 915,20	 	  	$	1 473 084,80	 	  	$	166 510 569,49	 
	 20.11.2012
	  	$	166 510 569,49	 	  	$	1 410 335,42	 	  	$	1 439 664,58	 	  	$	165 070 904,92	 
	 20.12.2012
	  	$	165 070 904,92	 	  	$	1 353 040,20	 	  	$	1 496 959,80	 	  	$	163 573 945,12	 
	 20.01.2013
	  	$	163 573 945,12	 	  	$	1 387 911,27	 	  	$	1 462 088,73	 	  	$	162 111 856,39	 
	 20.02.2013
	  	$	162 111 856,39	 	  	$	1 376 840,42	 	  	$	1 473 159,58	 	  	$	160 638 696,82	 
	 20.03.2013
	  	$	160 638 696,82	 	  	$	1 232 296,85	 	  	$	1 617 703,15	 	  	$	159 020 993,67	 
	 20.04.2013
	  	$	159 020 993,67	 	  	$	1 350 589,26	 	  	$	1 499 410,74	 	  	$	157 521 582,93	 
	 20.05.2013
	  	$	157 521 582,93	 	  	$	1 294 697,94	 	  	$	1 555 302,06	 	  	$	155 966 280,87	 
	 20.06.2013
	  	$	155 966 280,87	 	  	$	1 324 645,13	 	  	$	1 525 354,87	 	  	$	154 440 925,99	 
	 20.07.2013
	  	$	154 440 925,99	 	  	$	1 142 439,73	 	  	$	1 707 560,27	 	  	$	152 733 365,72	 
	 20.08.2013
	  	$	152 733 365,72	 	  	$	1 102 609,37	 	  	$	1 747 390,63	 	  	$	150 985 975,09	 
	 20.09.2013
	  	$	150 985 975,09	 	  	$	1 089 994,64	 	  	$	1 760 005,36	 	  	$	149 225 969,73	 
	 20.10.2013
	  	$	149 225 969,73	 	  	$	1 042 537,60	 	  	$	1 807 462,40	 	  	$	147 418 507,33	 
	 20.11.2013
	  	$	147 418 507,33	 	  	$	1 064 240,46	 	  	$	1 785 759,54	 	  	$	145 632 747,79	 
	 20.12.2013
	  	$	145 632 747,79	 	  	$	1 017 434,27	 	  	$	1 832 565,73	 	  	$	143 800 182,06	 
	 20.01.2014
	  	$	143 800 182,06	 	  	$	1 038 119,12	 	  	$	1 811 880,88	 	  	$	141 988 301,18	 
	 20.02.2014
	  	$	141 988 301,18	 	  	$	1 025 038,83	 	  	$	1 824 961,17	 	  	$	140 163 340,01	 
	 20.03.2014
	  	$	140 163 340,01	 	  	$	913 941,78	 	  	$	1 936 058,22	 	  	$	138 227 281,79	 

  
 



 








																	
	20.04.2014	  	$	138 227 281,79	 	  	$	997 887,36		  	$	1 852 112,64	 	  	$	136 375 169,15	 
	20.05.2014	  	$	136 375 169,15	 	  	$	952 758,03	 	  	$	1 897 241,97	 	  	$	134 477 927,18	 
	20.06.2014	  	$	134 477 927,18	 	  	$	970 820,10	 	  	$	1 879 179,90	 	  	$	132 598 747,28	 
	20.07.2014	  	$	132 598 747,28	 	  	$	926 374,81	 	  	$	1 923 625,19	 	  	$	130 675 122,09	 
	20.08.2014	  	$	130 675 122,09	 	  	$	943 366,98	 	  	$	1 906 633,02	 	  	$	128 768 489,07	 
	20.09.2014	  	$	128 768 489,07	 	  	$	929 602,65	 	  	$	1 920 397,35	 	  	$	126 848 091,72	 
	20.10.2014	  	$	126 848 091,72	 	  	$	886 199,00	 	  	$	1 963 801,00	 	  	$	124 884 290,72	 
	20.11.2014	  	$	124 884 290,72	 	  	$	901 561,93	 	  	$	1 948 438,07	 	  	$	122 935 852,65	 
	20.12.2014	  	$	122 935 852,65	 	  	$	858 866,92	 	  	$	1 991 133,08	 	  	$	120 944 719,57	 
	20.01.2015	  	$	120 944 719,57	 	  	$	873 121,47	 	  	$	1 976 878,53	 	  	$	118 967 841,04	 
	20.02.2015	  	$	118 967 841,04	 	  	$	858 850,03	 	  	$	1 991 149,97	 	  	$	116 976 691,07	 
	20.03.2015	  	$	116 976 691,07	 	  	$	762 752,12	 	  	$	2 087 247,88	 	  	$	114 889 443,19	 
	20.04.2015	  	$	114 889 443,19	 	  	$	829 407,35	 	  	$	2 020 592,65	 	  	$	112 868 850,54	 
	20.05.2015	  	$	112 868 850,54	 	  	$	788 535,81	 	  	$	2 061 464,19	 	  	$	110 807 386,35	 
	20.06.2015	  	$	110 807 386,35	 	  	$	799 938,25	 	  	$	2 050 061,75	 	  	$	108 757 324,60	 
	20.07.2015	  	$	108 757 324,60	 	  	$	759 811,45	 	  	$	2 090 188,55	 	  	$	106 667 136,05	 
	20.08.2015	  	$	106 667 136,05	 	  	$	770 049,05	 	  	$	2 079 950,95	 	  	$	104 587 185,10	 
	20.09.2015	  	$	104 587 185,10	 	  	$	755 033,51	 	  	$	2 094 966,49	 	  	$	102 492 218,61	 
	20.10.2015	  	$	102 492 218,61	 	  	$	716 041,53	 	  	$	2 133 958,47	 	  	$	100 358 260,14	 
	20.11.2015	  	$	100 358 260,14	 	  	$	724 504,15	 	  	$	2 125 495,85	 	  	$	98 232 764,29	 
	20.12.2015	  	$	98 232 764,29	 	  	$	686 283,70	 	  	$	2 163 716,30	 	  	$	96 069 047,99	 
	20.01.2016	  	$	96 069 047,99	 	  	$	692 317,04	 	  	$	2 157 682,96	 	  	$	93 911 365,03	 
	20.02.2016	  	$	93 911 365,03	 	  	$	676 110,51	 	  	$	2 173 889,49	 	  	$	91 737 475,54	 
	20.03.2016	  	$	91 737 475,54	 	  	$	617 849,39	 	  	$	2 232 150,61	 	  	$	89 505 324,93	 
	20.04.2016	  	$	89 505 324,93	 	  	$	644 389,43	 	  	$	2 205 610,57	 	  	$	87 299 714,36	 
	20.05.2016	  	$	87 299 714,36	 	  	$	608 235,71	 	  	$	2 241 764,29	 	  	$	85 057 950,07	 
	20.06.2016	  	$	85 057 950,07	 	  	$	612 370,76	 	  	$	2 237 629,24	 	  	$	82 820 320,83	 
	20.07.2016	  	$	82 820 320,83	 	  	$	577 026,83	 	  	$	2 272 973,17	 	  	$	80 547 347,66	 
	20.08.2016	  	$	80 547 347,66	 	  	$	579 896,89	 	  	$	2 270 103,11	 	  	$	78 277 244,55	 
	20.09.2016	  	$	78 277 244,55	 	  	$	563 553,39	 	  	$	2 286 446,61	 	  	$	75 990 797,94	 
	20.10.2016	  	$	75 990 797,94	 	  	$	529 444,08	 	  	$	2 320 555,92	 	  	$	73 670 242,02	 
	20.11.2016	  	$	73 670 242,02	 	  	$	530 385,49	 	  	$	2 319 614,51	 	  	$	71 350 627,51	 
	20.12.2016	  	$	71 350 627,51	 	  	$	497 115,03	 	  	$	2 352 884,97	 	  	$	68 997 742,54	 
	20.01.2017	  	$	68 997 742,54	 	  	$	497 624,07	 	  	$	2 352 375,93	 	  	$	66 645 366,61	 
	20.02.2017	  	$	66 645 366,61	 	  	$	481 124,77	 	  	$	2 368 875,23	 	  	$	64 276 491,38	 
	20.03.2017	  	$	64 276 491,38	 	  	$	419 117,94	 	  	$	2 430 882,06	 	  	$	61 845 609,32	 
	20.04.2017	  	$	61 845 609,32	 	  	$	446 474,47	 	  	$	2 403 525,53	 	  	$	59 442 083,79	 
	20.05.2017	  	$	59 442 083,79	 	  	$	415 280,31	 	  	$	2 434 719,69	 	  	$	57 007 364,10	 
	20.06.2017	  	$	57 007 364,10	 	  	$	411 546,31	 	  	$	2 438 453,69	 	  	$	54 568 910,41	 
	20.07.2017	  	$	54 568 910,41	 	  	$	381 234,85	 	  	$	2 468 765,15	 	  	$	52 100 145,26	 
	20.08.2017	  	$	52 100 145,26	 	  	$	376 120,23	 	  	$	2 473 879,77	 	  	$	49 626 265,49	 
	20.09.2017	  	$	49 626 265,49	 	  	$	358 260,85	 	  	$	2 491 739,15	 	  	$	47 134 526,34	 
	20.10.2017	  	$	47 134 526,34	 	  	$	329 296,01	 	  	$	2 520 703,99	 	  	$	44 613 822,35	 
	20.11.2017	  	$	44 613 822,35	 	  	$	322 075,13	 	  	$	2 527 924,87	 	  	$	42 085 897,48	 
	20.12.2017	  	$	42 085 897,48	 	  	$	294 024,76	 	  	$	2 555 975,24	 	  	$	39 529 922,24	 
	20.01.2018	  	$	39 529 922,24	 	  	$	285 373,55	 	  	$	2 564 626,45	 	  	$	36 965 295,79	 
	20.02.2018	  	$	36 965 295,79	 	  	$	266 859,05	 	  	$	2 583 140,95	 	  	$	34 382 154,84	 
	20.03.2018	  	$	34 382 154,84	 	  	$	224 190,49	 	  	$	2 625 809,51	 	  	$	31 756 345,33	 
	20.04.2018	  	$	31 756 345,33	 	  	$	229 254,71	 	  	$	2 620 745,29	 	  	$	29 135 600,05	 
	20.05.2018	  	$	29 135 600,05	 	  	$	203 550,08	 	  	$	2 646 449,92	 	  	$	26 489 150,13	 

  
 



 








																			
	 	20.06.2018	 	 	$	26 489 150,13	 	 	$	191 229,89	 	 	$	2 658 770,11	 	 	$	23 830 380,02	 
	 	20.07.2018	 	 	$	23 830 380,02	 	 	$	166 486,22	 	 	$	2 683 513,78	 	 	$	21 146 866,24	 
	 	20.08.2018	 	 	$	21 146 866,24	 	 	$	152 662,99	 	 	$	2 697 337,01	 	 	$	18 449 529,23	 
	 	20.09.2018	 	 	$	18 449 529,23	 	 	$	133 190,44	 	 	$	2 716 809,56	 	 	$	15 732 719,67	 
	 	20.10.2018	 	 	$	15 732 719,67	 	 	$	109 913,52	 	 	$	2 740 086,48	 	 	$	12 992 633,19	 
	 	20.11.2018	 	 	$	12 992 633,19	 	 	$	93 796,13	 	 	$	2 756 203,87	 	 	$	10 236 429,32	 
	 	20.12.2018	 	 	$	10 236 429,32	 	 	$	71 514,78	 	 	$	2 778 485,22	 	 	$	7 457 944,10	 
	 	20.01.2019	 	 	$	7 457 944,10	 	 	$	53 840,23	 	 	$	2 796 159,77	 	 	$	4 661 784,33	 
	 	20.02.2019	 	 	$	4 661 784,33	 	 	$	33 654,25	 	 	$	2 816 345,75	 	 	$	1 845 438,58	 
	 	20.03.2019	 	 	$	1 845 438,58	 	 	$	12 033,27	 	 	$	1 845 438,58	 	 			
	 	20.04.2019	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 
	 	20.05.2019	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 
	 	20.06.2019	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 
	 	20.07.2019	 	 	$	—  	 	 	$	—  	 	 	$	—  	 	 	$	—  	 
				 				 				 	 	$196 542 000,00	 	 			

  

			
	Volzhsky Pipe Plant	  	IPSCO TUBULARS INC.