Russia’s Ozon works to restructure convertibles post-delisting event

Chicago, May 31 – Ozon Holdings plc is negotiating with bondholders to restructure its debt after its American Depositary Shares were suspended by Nasdaq on Feb. 28, which constituted a delisting event according to the terms of its $750 million 1.875% senior convertible bonds due 2026, according to a press release.

The company is in the process of entering into a standstill agreement with some of the bondholders.

A substantial portion of bondholders, however, have exercised their option to require the company to repurchase their bonds.

The settlement date for holders exercising the put option would be May 31, 60 days after a delisting notice was sent.

Ozon, however, is currently prohibited from transferring funds to finance the put option.

This will constitute a potential event of default and after 14 days, on June 14, will become an event of default.

The company says it is acting in good faith to find a suitable solution given the circumstances.

The company plans to continue to operate as usual and “appreciates the support of its stakeholders and counterparties in these uncertain times.”

Ozon is a Moscow-based e-commerce company.

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