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Convertible debt
In the first quarter of 2020, we issued and sold $1.25 billion in aggregate principal amount of 0.75% convertible senior notes due 2025, to institutional investors that are not U.S. persons, outside the United States, in reliance on Regulation S under the U.S. Securities Act of 1933, as amended.
In connection with the offering of the notes, we entered into a Trust Deed, dated March 3, 2020, with BNY Mellon Corporate Trustee Services Limited, as trustee. The Trust Deed includes the terms and conditions upon which the notes are to be authenticated, issued and delivered. The notes are convertible into cash, our Class A shares or a combination of cash and our Class A shares, at our election, based on an initial conversion rate 47.5% premium above the reference share price of $40.7289. The reference share price was...
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Yandex is an "FAQ # 1055" entity subject to the Russia-related new investment prohibition (see LICENSE No. RUSSIA-EO14024-2022-983909-4). Russia-related GL 45, while valid, authorized "all transactions prohibited by [the Russia-related new investment prohibition of EO 14071] that are ordinarily incident and necessary to the wind down of financial contracts or other agreements that were entered into on or before June 6, 2022 and involve, or are linked to, debt or equity issued by an entity in the Russian Federation".
Here, Yandex reports having (in 2020) "issued and sold $1.25 billion in aggregate principal amount of 0.75% convertible senior notes due 2025," where the notes were "convertible into cash, [Yandex] Class A shares or a combination of cash and [Yandex] Class A shares, at [Yandex’s'] election". Yandex reports having entered into a "repurchase purchase...