Credit Investors
Debt per entity and per type1
31 March 2025
Entity
Bonds
Loans
Overdrafts and Vendor Financing
Total
VEON Holdings B.V.2
1,687
-
-
1,687
Pakistan Mobile Communications Ltd.
54
925
11
990
Banglalink Digital Communications Ltd.
-
221
23
244
KaR-Tel LLP.
-
90
62
152
Unitel LLC.
-
41
79
120
Others
7
6
6
19
Total
1,748
1,283
181
3,212
1Excluding lease liabilities and excluding long term accounts payables.
2As of 31 March 2025, the outstanding amount of VEON Holdings B.V. bonds includes an equivalent of USD 107 million of legacy bonds for which no further payments are due and that are subject to a potential exchange into new notes if eligible investors come forward. VEON has successfully secured approval from holders of its 2027 bonds (ISIN: Reg S: XS2824764521/ Rule 144A: XS2824766146) to substitute VEON Holdings B.V. with VEON Midco B.V. as the Issuer. VEON MidCo B.V. substituted VEON Holdings B.V. as the Issuer on April 8, 2025 upon completion of the demerger.
VEON Holdings B.V. bond summary
31 March 2025
Issuer
Bonds
ISIN
Date of Issuance
Maturity date
Amount outstanding
Coupon
Coupon frequency
S&P rating
Fitch rating
VEON Holdings B.V.
Notes due 2025
XS2824765767(144A) XS2824765098(REGS)
29. May 24
April 9, 2025
USD 471,966,000
4.0000%
Semi annual
BB-
BB-
VEON Holdings B.V.
Notes due 2025
XS2834472198(144A) XS2834471976(REGS)
29. May 24
June 18, 2025
RUB 7,839,600,000
6.3000%
Semi annual
BB-
BB-
VEON Holdings B.V.
Notes due 2027
XS2824766146(144A) XS2824764521(REGS)
29. May 24
November 25, 2027
USD 1,013,683,000
3.3750%
Semi annual
BB-
BB-
VEON consolidated debt overview1
31 March 2025
Entity
Type of debt/ original lenders
Interest rate
Debt currency
Outstanding debt (mln)
Outstanding debt (USD mln)
Maturity date
Guarantor
Comments
VEON Holdings B.V.
Notes
4.000%
USD
472
472
04.09.2025
None
VEON Holdings B.V.
Notes
6.300%
RUB
7,840
94
06.18.2025
None
VEON Holdings B.V.
Notes
3.375%
USD
1,014
1,014
11.25.2027
None
Subsequent to the VEON Holdings B.V. demerger in April 2025, the issuing entity changed to VEON MidCo B.V. and the notes became guaranteed by VEON Amsterdam B.V.
legacy notes, subject to potential conversion in new notes, but for which no further payments are due
VEON Holdings B.V.
Legacy notes, no payments due, subject to potential conversion
4.000%
USD
24
24
04.09.2025
None
VEON Holdings B.V.
Legacy notes, no payments due, subject to potential conversion
6.300%
RUB
1,200
14
06.18.2025
None
VEON Holdings B.V.
Legacy notes, no payments due, subject to potential conversion
3.375%
USD
69
69
11.25.2027
None
TOTAL VEON Holdings B.V.
1,687
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
12,693
45
09.02.2026
None
Securitised by certain assets of the borrower
PMCL
Loan from Habib Bank Limited
6M KIBOR + 0.55%
PKR
5,388
19
09.02.2026
None
Securitised by certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
13,125
47
05.18.2028
None
Securitised by certain assets of the borrower
PMCL
Syndicated Loan Facility
3M KIBOR + 0.60%
PKR
50,000
179
07.05.2031
None
Securitised by certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.60%
PKR
40,000
143
04.19.2032
None
Securitised by certain assets of the borrower
PMCL
Term Loan Facilities from Local Banks
6M KIBOR + 0.60%
PKR
15,000
54
05.15.2034
None
Securitised by certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.60%
PKR
64,800
231
05.24.2034
None
Securitised by certain assets of the borrower
PMCL
Notes
3M KIBOR - 0.10%
PKR
15,000
54
04.21.2025
None
PMCL
Short-term Loan
6M KIBOR - 3%
PKR
54,000
193
06.17.2025
None
Securitised by certain assets of the borrower
PMCL
Other
25
TOTAL Pakistan Mobile Communications Limited
990
Banglalink
Syndicated Loan Facility
Average bank deposit rate + 4.25%
BDT
5,700
47
04.26.2027
None
Banglalink
Syndicated Loan Facility
7.00% to 12.00%
BDT
6,320
52
11.25.2028
None
Other
Short Term Facilities and Vendor Financing
145
TOTAL Banglalink Digital Communications Ltd.
244
KaR-Tel Limited Liability Partnership
Loan from Forte Bank
17.2500% - 18.5000%
KZT
12,122
24
11.13.2026
None
KaR-Tel Limited Liability Partnership
Loan from NurBank
15.5000% - 16.5000 %
KZT
21,000
42
09.28.2029
None
KaR-Tel Limited Liability Partnership
Loan from Forte Bank
19.2500% - 20.5000%
KZT
12,000
24
01.29.2030
None
KaR-Tel Limited Liability Partnership
Other
60
62
TOTAL KaR-Tel Limited Liability Partnership.
152
Unitel LLC
National Bank for Foreign Economic Activity
20.0000% - 22.0000%
UZS
337,133
26
10.09.2027
None
Unitel LLC
Hamkorbank AKB
25.8000%
UZS
200,000
15
11.10.2026
None
Unitel LLC
Huawei and Others
EUR
72
79
None
TOTAL Unitel LLC.
120
Other entities
Overdrawn accounts and other
19
Total VEON consolidated
3,212
1Excluding lease liabilities and excluding long term accounts payables.