Ozon received the consent of the Cypriot regulator for the restructuring of bonds
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Ozon has received approval from the Cyprus Sanctions Authority to restructure a $750 million bond issue maturing in 2026.
“We received consent to the restructuring from the Cyprus Sanctions Authority (MEK), which is the current sanctions authority of the European Union,” the Ozon press service said (TASS quote).
In the fall, the company received a license from the US Sanctions Authority (OFAC) necessary for restructuring. In October, Ozon also applied for consent from the UK sanctions authority. She will be able to make payments on the redemption of bonds within two weeks after receiving it.
At the end of October, Ozon received the consent of the holders of more than 75% of the issue of convertible bonds to restructure the bonds. Payments will amount to up to 85% of the ruble face value and up to 67% of the dollar face value, including interest accrued before August 24, plus remuneration for participation in the lock-up agreement.
On June 14, Ozon entered a technical default on the bonds as the company failed to make the payment to redeem the bonds on May 31.
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