Ozon receives clearance from Cypriot regulator to conduct bond restructuring

MOSCOW. Dec 23 (Interfax) - Ozon has received permission from the Cyprus sanctions authority to restructure a $750 million bond issue maturing in 2026, the company said in a statement.

The regulator is the current sanctioning body of the European Union, Ozon said in the statement.

In the fall, the company received the OFAC license necessary to conduct the restructuring.

The company still needs to secure permission from the U.K. regulator in order to begin the procedure.

"Within two weeks after receiving a response from the sanctioning body in the UK, the company will make payments to redeem the bonds," the Ozon press service said.

At the end of October, Ozon received the consent of the holders of more than 75% of the issue of Ozon convertible bonds to conduct a restructuring.

The company is ready for early redemption of bonds at 83% of the par value of bonds in rubles and 65% in dollars, plus interest for participation in the lock-up agreement and interest accrued through August 24.

The bondholders who signed a lock-up agreement are entitled to receive 1.0625% of the bond's par value. The bondholders who joined the agreement before October 28 are also entitled to a similar additional payment.

The company will make an early redemption of the bonds in rubles or dollars, at the option of the bondholders (holders of bonds from the U.S. can only receive payments in dollars).