Russia's Ozon begins settling with bondholders in US dollars, roubles

Ozon Holdings

19/04/2023 16:56

MOSCOW, April 19 (Reuters) - Russian e-commerce firm
Ozon  OZON.O  has started making payments in U.S. dollars and
roubles to bondholders who had provided their information before
an April 5 cut-off date, the firm said on Wednesday.
    Ozon is currently appealing a decision by the U.S. Nasdaq
exchange to de-list its shares, which have not traded on the
U.S. bourse since February 2022, days after Russia ordered tens
of thousands of troops into Ukraine and the West hit Moscow with
an unprecedented package of economic sanctions.
    The company has been negotiating with bondholders for months
after it failed to redeem some bonds to a group of holders last
May, putting it at risk of default.  
    On Wednesday, Ozon said cash redemption amounts had been
paid to all holders of its $750 million senior unsecured
convertible bonds due in 2026, as long as bondholders had
provided eligibility instructions prior to the cut-off date. 
    "The payment of the cash redemption amounts did not result
in a violation of sanctions by any person," Ozon said.
    Ozon has not been placed under Western sanctions, but a
board member last week resigned after personal UK sanctions were
imposed on him. 
    Bondholders who missed the cut-off date will have another
opportunity to provide their details, Ozon has said. 

 (Reporting by Alexander Marrow; Editing by Josie Kao)
 ((alexander.marrow@thomsonreuters.com;))