AMSTERDAM, April 21, 2022 /PRNewswire/ — VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, today announced changes to its capital structure.
Two group-level loan agreements with Sberbank and Alfa Bank totaling 90 billion rubles were novated into PJSC VimpelCom, with the former borrower (VEON Finance Ireland) and former guarantor (VEON Holdings BV) having been released. Although none of the banks are subject to EU sanctions targeting their corporate loan portfolios, the liquidation of these loans has enabled us to ensure that the majority of the Group’s RUB liabilities are held in Russia and as such are suitable for the market where RUB income is generated.
Following this process, the head office’s external debt now includes $4.0 billion in dollar bonds, 50 billion rubles in rubles and $0.4 billion related to the draw of the RCF. The group has no other significant debt maturities at head office level in 2022.
Serkan OkandanChief Financial Officer of VEON, said, “The novation of ruble loans aligns ruble liabilities more closely with ruble revenues and reduces external debt at headquarters.”
This press release contains “forward-looking statements”, as defined in Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and include statements relating to, among other things, expectations regarding management plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be accurately predicted by VEON and some of which cannot even be anticipated by VEON. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by US federal securities laws, any forward-looking statements to reflect events or circumstances after such dates or to reflect the occurrence of unforeseen events.
VEON is a global provider of connectivity and Internet services listed on NASDAQ and Euronext Amsterdam. For more information visit: www.veon.com
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SOURCE VEON Ltd.