Mechel Extends VTB Credit at Near Double Rate, Vedomosti Says

OAO Mechel (MTLR) has extended a 13 billion ruble ($410 million) credit line with VTB to mid-2013 from this year after agreeing to pay nearly twice the interest rate, Vedomosti said, citing a financial statement.

The rate will increase to 11.88 percent from 6.5 percent, the Moscow-based newspaper reported, citing, the statement.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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