MOSCOW, Jun 10 (PRIME) -- Yandex N.V., the Dutch parent of Russian Internet company Yandex, has signed a preliminary agreement on its U.S. $1.25 billion 0.75% convertible notes due in 2025 with the steering committee of an ad hoc group of noteholders for the purchase by Yandex and its subsidiary of the notes, Yandex N.V. said on Friday in a statement.
“The indicative terms of the purchase provide for a purchase price of $140,000 in cash and 957 Yandex Class A shares for each $200,000 in principal amount of the notes purchased. Yandex will use its commercially reasonable efforts to deliver the share consideration following the closing of the purchase when it is permissible for the relevant shares to be delivered and received under applicable laws and regulations,” the company said.
“The Yandex group intends to fund the cash component of the purchase price primarily by means of a commercial loan in compliance with Russian, U.S., U.K., E.U. and U.N. laws and regulations.”
The company also said that if it buys at least 75% of the notes, Yandex anticipates that all of the notes will either be purchased or redeemed on or prior to July 29.
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