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SCM Seeking $400 mln Loan.

SCM Seeking $400 mln Loan.

9 October 2008

According to a company press release, System Capital Management (SCM) is has begun negotiations with BNP Paribas about a 3.5 year $400 mln syndicated loan at LIBOR+2.8%. SCM plans to use its Severny (SGOK) and Centralny (SGOK) Iron Ore mines as collateral for the loan.  Andriy Gostik:  Even though SCM has not officially said exactly what it plans to use the money for, it is likely it will use it to upgrade the efficiency of its metal and mining assets.

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