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VK to redeem convertible bonds by New Year’s, source says

It is noted that VK redeemed about 55% of convertible bonds with a par value of $220 mln

MOSCOW, November 10. /TASS/. VK or VKontakte, a Russian social media networking service, plans to complete the redemption of corporate convertible bonds by the end of 2022, a source familiar with the progress in VK’s bonds restructuring told TASS.

"VK intends to complete the redemption of its bonds by the end of the year, at best by the end of November," the source informed.

For example, holders of more than 75% of bonds floated by the Russian e-commerce company Ozon agreed to restructure the $750 mln float maturing in 2026. "VK will also endeavor to achieve such target," the source added.

VK redeemed about 55% of convertible bonds with a par value of $220 mln, the company said in its reporting statements earlier.

In 2020, VK announced a senior unsecured convertible bond offering worth $400 mln with a 1.625% rate and maturity in 2025.