Russian Search Engine Yandex to Buy Back $1.25 Billion Bonds

Russia’s biggest search engine Yandex NV agreed with a majority of bondholders to buy back its $1.25 billion of convertible notes after months of negotiations with creditors.

Yandex plans to redeem all of the outstanding notes by July 29, according to a statement on Friday. Creditors will receive 70% cash and 957 Yandex Class A shares for each $200,000 of bonds, it said.

The bonds became immediately repayable after Yandex’s share trading was suspended following Russia’s invasion of Ukraine and have been hovering around half their face value since then. Bondholders agreed twice to postpone the date on which the ...