MOSCOW, June 23 – PRIME. Yandex has closed a deal to buy back 92.7% of its convertible bonds, with another 0.5% expected to be bought in the near future, the company said.
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We are talking about Yandex bonds issued in 2020 and maturing in March 2025.
“Yandex closed the deal to buy back 92.7% of convertible bonds. All repurchased bonds were redeemed in accordance with the terms of the bonded loan. It is expected that the redemption of another 0.5% of convertible bonds will be completed in the near future,” the company said.
Under the terms of the agreement, for every $200,000 of the nominal value of the bonds, bondholders will receive $140,000 and 957 Yandex NV shares. According to the terms of the bond issue, if trading in shares on the Nasdaq exchange is suspended for more than five days, the owners have the right to demand that the company buy back their assets. Nasdaq has suspended trading in securities of a number of Russian companies, including Yandex, since February 28.
Yandex reached an agreement with members of a special committee of its shareholders and extended the bond redemption period, first until June 7, and then until July 6. On June 10, the company also entered into a preliminary agreement with the committee on the key terms of the buyout. Ten days later, on June 20, Yandex agreed with the holders of 93.2% of the convertible bonds to buy them back and signed the agreement.