Ozon notified trustee cannot continue for 1.875% convertibles

By Wendy Van Sickle

Columbus, Ohio, May 18 – Ozon Holdings plc was notified on May 9 by BNY Mellon Corporate Trustee Services Ltd. that starting May 10 it would not be able to continue as trustee of the company’s $750 million 1.875% convertible senior notes due 2026 without exposure to the risk of financial or criminal liability, according to a news release.

The notice was the result of adoption by the European Union of an April 8 regulation prohibiting the provision of services to trust arrangements involving Russian nationals or Russian entities.

Ozon said it is evaluating possible implications of the trustee’s determination, including in connection with ongoing negotiations with an ad hoc group of bondholders.

As reported by Prospect News on March 17, ad hoc committee of bondholder was formed and appointed advisers following a previously announced delisting event.

Houlihan Lokey was appointed financial adviser, and Akin Gump Strauss Hauer & Feld LLP was appointed legal adviser.

Alvarez & Marsal and Cleary Gottlieb Steen & Hamilton LLP are representing Ozon as its financial and legal advisers, respectively.

Ozon priced the upsized $750 million issue on Feb. 17, 2021. The initial size of the Regulation S offering was $650 million. Proceeds of the convertibles deal were to be used for strategic investments and general corporate purposes.

Ozon is a Moscow-based e-commerce company.

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