Yandex convertibles holders OK change to redemption exercise rights

By Wendy Van Sickle

Columbus, Ohio, June 1 – Yandex NV said holders of not less than 75% of its 0.75% convertible notes due 2025 have consented to modifying the notes to change the period during which noteholders may exercise their redemption right to the period from June 8 to July 6, according to a news release filed with the Securities and Exchange Commission.

The modifications were approved by extraordinary resolution and have been effected by way of a second supplemental trust deed and are operative as May 31. As a result, any put exercise notices submitted prior to June 8 will not be valid.

Yandex is engaged in discussions with the advisers of an ad hoc committee of holders of the $1.25 billion of convertibles. The company said in Wednesday’s release that it aims to reach a fair and sustainable solution for all parties and “believes that good progress has been made in such discussions.”

As previously reported, Houlihan Lokey is the financial adviser for the ad hoc group, and Weil, Gotshal & Manges LLP is the legal adviser.

Noteholders can contact Houlihan at projectyorkHL@hl.com.

Yandex (askIR@yandex-team.ru) or its financial adviser, Alvarez Marsal (project.phoenix@alvarezandmarsal.com) may also be contacted by noteholders.

Yandex is a Netherlands-registered company. It is also the leading search and ride-hailing provider in Russia. The company priced the five-year notes on Feb. 25, 2020.

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