Media: Russia's Yandex, Ozon and VK get preferential loans - Kommersant

Ozon Holdings

04/08/2022 07:45

Aug 4 (Reuters) - Internet firms Yandex  YNDX.O  and VK
 VKCOq.L  and e-commerce player Ozon  OZON.O  have received 130
billion roubles ($2.15 billion) in financial aid from Russia's
government, Kommersant reported, citing a source.
    * Russia's Ministry of Digital Development, Communications
and
Mass Media confirmed the government has "provided large Russian
internet companies with preferential loans to refinance the
arising debt in the amount of 130 billion roubles in connection
with the termination of trading of their securities", but did
not name the companies.
    * Trading in Yandex, VK and Ozon shares and global
depositary
receipts has been suspended in London and New York, triggering a
"delisting event", which gave bondholders early redemption
rights.  urn:newsml:reuters.com:*:nL1N2XM17G  urn:newsml:reuters.com:*:nL5N2V74PT
    * That would currently cost the companies about $2.4 billion
in
total, Kommersant said.
    * VK told Kommersant it had sent a request for a
preferential loan
to restructure debt, while Ozon did not respond to Kommersant's
request for comment.
    * Yandex told Kommersant it had taken out a special-purpose
loan
with a commercial bank, the proceeds of which are being used to
pay off Eurobonds. "Subsidizing loan rates is part of the
agreement between the banks and the government," it said. 

    
-- Source link: https://bit.ly/3Qkeo3A
   
-- Note: Reuters has not verified this story and does not vouch
for its accuracy

($1 = 60.4000 roubles)

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00))