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Metalloinvest Said to More Than Double Loan to $3.1 Billion

OAO Metalloinvest, Russia’s biggest iron ore miner, will more than double the size of a new loan to $3.1 billion as it seeks to add assets and refinance debt, according to a person with knowledge of the agreement.

Metalloinvest will get a $3 billion, five-year loan and a $100 million seven-year loan, after initially hiring Deutsche Bank AG and BNP Paribas SA to arrange a $1.2 billion five-year pre-export facility in February, said the person, who declined to be identified because the transaction is confidential.