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. Last Updated: 07/27/2016

Silvinit to Borrow $1.52Bln

Silvinit is seeking to borrow $1.52 billion to refinance debt it built up buying mining rights last year.

Silvinit is lining up two loans from Sberbank, according to the agenda for a Sept. 30 board meeting. Shareholders will be asked to approve the $1.12 billion and $400 million loans on Oct. 22, the document showed.

The potash producer needs to refinance a 35.1 billion ruble ($1.2 billion) loan it took from VTB Group in 2008 to pay for a license for the Polovodovsky potash deposit.