Yandex N.V. (NASDAQ: YNDX) said it proposes to offer USD600m of convertible senior notes due 2018.
The company intends to grant to the initial purchasers a 30-day option to purchase up to an additional USD90m principal amount of notes solely to cover over-allotments, if any.
The notes will be convertible into cash, class A shares of Yandex or a combination of cash and class A shares, at Yandex´s election.
The company said it intends to use a portion of the net proceeds to repurchase outstanding class A shares. The remainder of the proceeds will be used for general corporate purposes.
In connection with the offering, the company´s board of directors has authorized an increase in the company´s existing 12m share repurchase program by 3m shares, to a total of up to 15m shares.
Yandex is one of the largest European Internet companies, providing a wide variety of search and other online services. The company´s website is at yandex.com.