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Mechel Raising $2Bln

Mechel, the country’s largest producer of coal for steelmaking, is raising loans totaling $2 billion to refinance existing debt, two people familiar with the deal said Monday.

The pre-export financing is split into a three-year portion of $800 million and a five-year loan of $1.2 billion, said the people, who declined to be identified because the transaction is private. They declined to comment on the pricing of the deal before it is signed.

The borrowings will refinance $2.6 billion of loans agreed upon last year, according to data compiled by Bloomberg.


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