Ozon announced a possible technical default due to non-payment of the bond coupon. It should take place on August 24, but the company will not pay because it is negotiating a debt restructuring. Failure to pay coupons within 14 days will result in default.
On August 24, Ozon is due to pay $750 million in unsecured convertible bonds, according to a statement on the US Securities and Exchange Commission website. This payment is yet to be made, due to Ozon negotiating a debt restructuring.
The procedures establish that if the issuer does not pay the coupon of the bonds within 14 days following the date of the obligatory payment, this will mean default.
Ozon warned investors that the technical default itself would be a formal event, because the company has sufficient funds to meet the obligations. At the end of the first quarter of 2022, Ozon had more than a billion dollars in his accounts.
“Ozon continues to work as usual, all supplier deals occur as per the above schedule,” reads the message on Ozon HQ’s telegram channel. Ozon’s business is in perfect order, specifies the publication.
In May, Ozon already warned of a possible technical default. So the occurrence of it was also called a formal event.
Author:
Kirill Bilyk
Source: RB
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