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Ukraine’s Donetsk Steel Said to Seek $500 Million Loan Facility

Donetsky Metalurgichesky Zavod, a Ukrainian steelmaker, is seeking to raise a loan for as much as $500 million, according to a person with knowledge of deal.

The facility may include three- and five-year portions and is being coordinated by ING Groep NV and UniCredit SpA, said the person, who asked not to be identified because the terms are private.

Donetsk Steel, as the company is known, expects to sign the deal by the end of next month, the person said. The loan will be provided by a club of lenders and will not be widely syndicated, they said.

The company raised a two-year $274 million loan in July 2011, according to data compiled by Bloomberg. Donetsk Steel’s press office, based in Donetsk, Ukraine, did not return a phone call or reply to an e-mail seeking comment.

Donetsk Steel is also considering selling $500 million of bonds, Interfax-Ukraine reported Feb. 13, citing documents for the company’s Feb. 26 shareholder meeting.

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