Yandex board of directors approves buyback of convertible bonds
MOSCOW. June 3 (Interfax) - The board of directors of Yandex has approved the company to occasionally buy back its own convertible bonds due in 2018 on the open market, the company said in a statement.
In December 2013, Yandex placed $600 million in convertible senior notes due in December 2018 at 1.125% p.a.
The notes will be convertible into cash, Class A shares of Yandex or a combination of cash and Class A shares, at Yandex's election, based on an initial conversion rate of 19.4354 Class A shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $51.45 per Class A share, subject to adjustment on the occurrence of certain events.
In January 2014 the company issued another $90 million in convertible bonds.
