Yandex Announces the Initial Conversion Price of its Convertible Notes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS, OR IN CANADA, AUSTRALIA, JAPAN, THE RUSSIAN FEDERATION OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

MOSCOW and AMSTERDAM, The Netherlands, Feb. 26, 2020 (GLOBE NEWSWIRE) --  Yandex N.V. (NASDAQ and MOEX: YNDX) (“Yandex” or the “Company”), one of Europe's largest internet companies and the leading search provider in Russia, announces that the final pricing of the offering of US$1,250 million in aggregate principal amount of convertible senior notes due 2025 (the “Offering” and the “Notes”).

The initial conversion price of the Notes has been set at US$60.0751, representing a 47.5% premium above the reference share price of US$40.7289, being the volume weighted average price of a Class A ordinary share of Yandex between opening and closing of trading on the NASDAQ Global Select Market on February 25, 2020.

The Notes will be issued at par and will carry a coupon of 0.75% per annum, payable semi-annually in arrear on March 03 and September 03 in each year, with the first interest payment date on September 03, 2020. Settlement and delivery of the Notes is expected to take place on or about March 03, 2020 (the “Settlement Date”).

Application will be made for the Notes to be admitted to trading on The International Stock Exchange within 90 days after the Settlement Date.

In the context of the Offering, the Company has agreed to a lock-up period of 90 days, subject to customary exceptions.

Goldman Sachs International acted as Sole Global Coordinator and Joint Bookrunner and J.P. Morgan Securities plc, Morgan Stanley & Co International plc, UBS AG, London Branch and VTB Capital plc acted as Joint Bookrunners in respect of the Offering.

ABOUT YANDEX

Yandex (NASDAQ and MOEX: YNDX) is a technology company 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 information services. Additionally, we have developed leading on-demand transportation services, navigation products, and other mobile applications for millions of consumers across the globe. Yandex, which has 34 offices worldwide, has been listed on the NASDAQ since 2011.