Ozon further extends long stop date for 1.875% convertibles due 2026

By Marisa Wong

Los Angeles, March 14 – Ozon Holdings plc issued an update on Tuesday relating to its $750 million 1.875% senior convertible bonds due 2026 (ISIN: XS2304902443).

As announced in a Jan. 30 press release, the company has been awaiting communication from the U.K. sanctions authority in order to implement amendments to the terms and conditions of the bonds under its consent solicitation launched Sept. 23.

With written resolution approval from holders of over 75% of the outstanding bonds, the company previously extended the initial redemption long stop date to March 15.

The company said it has been in ongoing correspondence with U.K. sanctions authority and still awaits communication from the U.K. sanctions authority indicating that no license or authorization is required in connection with the restructuring of the bonds or the issuing of such license or authorization to implement the restructuring.

In light of this, the company and the holders of over 33.4% of the outstanding bonds – including at least two members of the ad hoc group of bondholders – have agreed to further extend the initial redemption long stop date to March 31. Accordingly, the redemption long stop date has also been extended to March 31.

The purpose of the extension of the initial redemption long stop date is to obtain communication from the U.K. sanctions authority, the company reiterated.

Ozon is a Russian e-commerce and internet company. The holding company is registered in Cyprus.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.