Russia’s Ozon, following Yandex, warns of bond payment issue

Russia’s Nasdaq-listed e-commerce player Ozon on Friday said that holders of its bond maturing in 2026 may be entitled to redeem the principal and interest accrued if trading remains halted until March 8, but has the cash in its accounts to pay.

Trading of Ozon’s shares on Nasdaq was suspended on Feb. 28 and if suspension lasts for at least seven day, the company’s $750 million unsecured convertibles bonds due in 2026 can become subject to a “Delisting Event”, the company said.

Bond holders will have two options if delisting happens. They can either be entitled to require Ozon to redeem bonds at the principal amount with accrued interest, or exercise their conversion rights at a price now equal to $86.648.

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