THE WHAT? Russian e-commerce firm Ozon has warned that its US$750 million 1.875 percent senior unsecured convertible bonds, due 2026, became subject to a ‘delisting event’ at the close of play on March 8, 2022.
THE DETAILS Bond holders have two options: they can either redeem their bonds at the principal amount together with accrued interest or exercise their conversion rights under the bonds at a conversion price currently equal to US$86.6480.
The company estimated that it had cash, cash equivalents and short-term bank deposits of approximately RUB113 billion as of February 28, 2022, however, it warned, that most of its currency is held in Russia and that it is possible that the company will not have sufficient liquidity at its Cypriot holding company to fund the payments necessary for redemption if the majority of bondholders choose to exercise their redemption right.
THE WHY? NASDAQ suspended trading for Ozon shares as a result of the Russia-Ukraine conflict on February 28, After seven days, the delisting event is triggered, although at the time of writing, the markets were closed.
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