MOSCOW, March 17 (Reuters) - Russian steel and coking coal producer Mechel's majority owner Igor Zyuzin has reduced the percentage of his shares held as collateral by banks to 23 percent of the company, documents showed on Thursday.
The documents, filed with the U.S. Securities and Exchange Commission (SEC), showed that the number of shares held by lenders had fallen from the nearly 38 percent level announced in June, 2009.
Mechel's share price has risen more than three fold since that time.
The company declined to comment on the SEC filing.
Mechel is one of several Russian steel and coal sector firms that took on large debts to fund expansion and capex prior to the downturn.
Zyuzin put the shares up as collateral in order to refinance some of its debt.
Its net debt stood at $5.2 billion as of end-September, 2009.
(Reporting by Polina Devitt, writing by Alfred Kueppers; Editing by Louise Heavens) Keywords: MECHEL/ (alfred.kueppers@thomsonreuters.com; Tel +7 495 775 1242; Reuters Messaging: alfred.kueppers@thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The documents, filed with the U.S. Securities and Exchange Commission (SEC), showed that the number of shares held by lenders had fallen from the nearly 38 percent level announced in June, 2009.
Mechel's share price has risen more than three fold since that time.
The company declined to comment on the SEC filing.
Mechel is one of several Russian steel and coal sector firms that took on large debts to fund expansion and capex prior to the downturn.
Zyuzin put the shares up as collateral in order to refinance some of its debt.
Its net debt stood at $5.2 billion as of end-September, 2009.
(Reporting by Polina Devitt, writing by Alfred Kueppers; Editing by Louise Heavens) Keywords: MECHEL/ (alfred.kueppers@thomsonreuters.com; Tel +7 495 775 1242; Reuters Messaging: alfred.kueppers@thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.