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Russian steel giant Severstal to obtain $1.5 bln syndicated loan

MOSCOW, September 12 (RIA Novosti) - The Russian steelmaking giant Severstal [RTS: CHMF] is set to receive a $1.5 billion syndicated loan, a banking source said on Friday.

The organizers of the five-year loan at LIBOR+1.85% will be the Bank of Tokyo-Mitubishi-UFJ, Barclays, BNP Paribas, Citi, Commerzbank, Deutsche Bank, Royal Bank of Scotland and Societe Generale. The mandate for the loan has yet to be signed.

Another banking source earlier said the company planned to borrow $2.5 billion.

Sergei Kuznetsov, Severstal's deputy general director for finance and economic issues, told reporters that the company's capital investment would stand at $2.7-2.9 billion in 2008, but did not disclose the purpose of the investment

Severstal is listed on the Russian and London stock exchanges. In 2007, it produced 17.5 million tons of steel, and reported revenue of $15.2 billion.

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