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Magnitogorsk Iron & Steel Said to Seek $500 Million 5-Year Loan

April 5 (Bloomberg) -- OAO Magnitogorsk Iron & Steel, the company owned by Russian billionaire Victor Rashnikov, is seeking to raise a loan of as much as $500 million, according to two people with knowledge of the matter.

MMK, as the steelmaker is known, asked lenders to propose the structure and pricing on a facility with a maturity of as long as five years, said the people, who asked not to be identified because the deal isn’t public. The Magnitogorsk, Russia-based company plans to finalize the deal in the second or third quarter, one of the people said.

MMK is rated BB+ by Fitch Ratings and Ba3 by Moody’s Investors Service, the highest and third-highest junk grades, according to data compiled by Bloomberg. The company has three loans totaling about $1.1 billion due in 2017 and 2018, the data show.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.

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