Yandex Provides Further Update on Convertible Notes

Rhea-AI Summary

Yandex N.V. has updated noteholders regarding its 0.75% Convertible Notes due 2025. The company has modified the redemption period for noteholders, now set from June 8 to July 6, 2022, following consent from those holding 75% of the outstanding amount. Earlier put exercise notices submitted are deemed invalid. Yandex is in discussions with an ad hoc committee of noteholders to reach a sustainable solution and encourages noteholders to engage for future discussions. The firm emphasizes its commitment to progress in these negotiations.

Positive

• Yandex updated noteholders on the Convertible Notes, indicating transparency in communication.
• Noteholders holding 75% consented to modifications, showing collective agreement.

Negative

• Redemption period modification suggests potential financial strain or pressure on liquidity.
• Invalidation of previous put exercise notices may indicate unease among noteholders.

MOSCOW, RUSSIA and AMSTERDAM, NETHERLANDS / ACCESSWIRE / June 1, 2022 / Yandex N.V. ("Yandex"), a Dutch public limited company and the parent company of one of Europe's largest internet businesses, today provided an update in relation to its 0.75% Convertible Notes due 2025 (the "Notes").

We refer to our public announcements dated March 9, 2022 and April 29, 2022, which discuss the redemption right of noteholders as a result of the occurrence of a Delisting Event (as defined in the Conditions of the Notes).

Noteholders holding not less than 75 per cent of the aggregate principal amount of Notes outstanding, acting by extraordinary resolution in accordance with the Trust Deed dated March 3, 2020 constituting the Notes, as supplemented by a Supplemental Trust Deed dated May 3, 2022 (the "TrustDeed"), have consented to modifying the Conditions of the Notes to change the period during which noteholders may exercise their redemption right to the period from June 8, 2022 to July 6, 2022. Such modifications to the Conditions of the Notes have been effected by way of a Second Supplemental Trust Deed dated May 31, 2022 and are operative as of such date.As a result, of the foregoing modification to the Conditions of the Notes, any put exercise notices submitted prior to June 8, 2022 will not be valid.

Yandex is currently engaged in ongoing discussions with the advisors to an ad hoc committee of noteholders with a view to reaching a fair and sustainable solution for all parties involved.Yandex believes that good progress has been made in such discussions, and it will provide a further update in due course.

Yandex asks noteholders to contact it to ensure that they are included in all future discussions in relation to the Notes. If any noteholders have not yet been in contact with Yandex or its financial advisors, they should immediately contact Yandex or its financial advisors via email at askIR@yandex-team.ru or project.phoenix@alvarezandmarsal.com . They may also contact Houlihan Lokey, financial advisors to the ad hoc committee of noteholders, at ProjectYorkHL@hl.com.

About Yandex

Yandex (NASDAQ and MOEX:YNDX) is a technology company registered in the Netherlands that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets.

More information on Yandex can be found at https://ir.yandex/

Contacts:

Investor Relations
Yulia Gerasimova
Phone: +7 495 974-35-38
E-mail: askIR@yandex-team.ru

Press Office
Ilya Grabovskiy
Phone: +7 495 739-70-00
E-mail: pr@yandex-team.com

Financial Advisors to Yandex
E-mail: project.phoenix@alvarezandmarsal.com

Financial Advisors to the Ad Hoc Committee of Noteholders
E-mail:ProjectYorkHL@hl.com

SOURCE: Yandex N.V.

View source version on accesswire.com:
https://www.accesswire.com/703525/Yandex-Provides-Further-Update-on-Convertible-Notes

FAQ

What is the latest update on Yandex's convertible notes as of June 2022?

Yandex announced a modification to the redemption period for its 0.75% Convertible Notes due 2025, now from June 8 to July 6, 2022.

What changes were made to Yandex's convertible notes redemption conditions?

The redemption period was changed following the consent of holders of at least 75% of the Notes outstanding.

How are Yandex's convertible notes related to recent financial discussions?

Yandex is in discussions with an ad hoc committee of noteholders to reach a fair and sustainable solution concerning the Notes.

What should Yandex noteholders do if they want to stay informed?

Yandex encourages noteholders to contact them or their financial advisors to ensure inclusion in all discussions regarding the Notes.

What was invalidated for Yandex convertible noteholders?

Any put exercise notices submitted prior to June 8, 2022, are now considered invalid due to the modification of the Conditions.