By Abigail W. Adams
Portland, Me., Feb. 17 – Ozon Holdings plc priced an upsized $750 million five-year convertible notes prior to the market open on Wednesday at par with a coupon of 1.875% and an initial conversion premium of 42.5%, according to a company news release.
Price talk was for a coupon of 1.625% to 2.125% and an initial conversion premium of 40% to 45%.
The initial size of the Regulation S offering was $650 million.
The notes are non-callable until March 10, 2024 and then subject to a 130% hurdle.
They will be settled in cash, American Depositary Shares, or a combination of both at the company’s option.
Proceeds will be used for strategic investments and general corporate purposes.
Ozon is a Moscow-based e-commerce company.
| Issuer: | Ozon Holdings plc
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| Securities: | Convertible senior notes
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| Amount: | $750 million
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| Maturity: | Feb. 24, 2026
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| Coupon: | 1.875%
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| Price: | Par
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| Yield: | 1.875%
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| Conversion premium: | 42.5%
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| Conversion price: | $86.648
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| Call options: | Non-callable until March 10, 2024 and then subject to a 130% hurdle
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 24
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| Distribution: | Regulation S
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| Talk: | Coupon of 1.625% to 2.125% and initial conversion premium of 40% to 45%
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| Stock symbol: | Nasdaq: OZON
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| Stock price: | $60.8056 VWAP on Feb. 17
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| Market capitalization: | $12.49 billion
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