Credit Investors
Debt per entity and per type1
30 September 2024
Entity
Bonds
Loans
Overdrafts and Vendor Financing
Total
VEON Holdings B.V.2
1,676
-
-
1,676
Pakistan Mobile Communications Ltd.
54
769
2
825
Banglalink Digital Communications Ltd.
-
194
5
199
Unitel LLC.
-
24
65
89
KaR-Tel LLP.
-
31
53
84
Others
7
15
1
23
Total
1,737
1,033
126
2,896
1Excluding lease liabilities and excluding long term accounts payables.
2As of 30 September 2024, the outstanding amount of VEON Holdings B.V. bonds includes an equivalent of USD 112 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 Holdings B.V. bond summary
30 September 2024
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 471,216,000
4.0000%
Semi annual
BB-
BB-
VEON Holdings B.V.
Notes due 2025
XS2834472198(144A) XS2834471976(REGS)
29. May 24
June 18, 2025
RUB 7,765,500,000
6.3000%
Semi annual
BB-
BB-
VEON Holdings B.V.
Notes due 2027
XS2824766146(144A) XS2824764521(REGS)
29. May 24
November 25, 2027
USD 1,008,838,000
3.3750%
Semi annual
BB-
BB-
VEON consolidated debt overview1
30 September 2024
Entity
Type of debt/ original lenders
Interest rate
Debt currency
Outstanding debt (mln)
Outstanding debt (USD mln)
Maturity date
Guarantor
Security
VEON Holdings B.V.
Notes
4.000%
USD
471
471
09.04.2025
None
None
VEON Holdings B.V.
Notes
6.300%
RUB
7,766
84
18.06.2025
None
None
VEON Holdings B.V.
Notes
3.375%
USD
1,009
1,009
25.11.2027
None
None
legacy notes, subject to potential conversion in new notes, but for which no further payments are due 2
VEON Holdings B.V.
Legacy notes, no payments due, subject to potential conversion
4.000%
USD
25
25
09.04.2025
None
None
VEON Holdings B.V.
Legacy notes, no payments due, subject to potential conversion
6.300%
RUB
1,274
13
18.06.2025
None
None
VEON Holdings B.V.
Legacy notes, no payments due, subject to potential conversion
3.375%
USD
74
74
25.11.2027
None
None
TOTAL VEON Holdings B.V.
1,676
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
16,924
61
02.09.2026
None
Certain assets of the borrower
PMCL
Loan from Habib Bank Limited
6M KIBOR + 0.55%
PKR
7,185
26
02.09.2026
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
15,000
54
18.05.2028
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
3M KIBOR + 0.60%
PKR
50,000
180
05.07.2031
None
Certain assets of the borrower
PMCL
Loan from United Bank Limited
3M KIBOR + 0.55%
PKR
4,688
17
18.05.2028
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.60%
PKR
40,000
144
19.04.2032
None
Certain assets of the borrower
PMCL
Loan from United Bank Limited
6M KIBOR + 0.60%
PKR
5,000
18
15.05.2034
None
Certain assets of the borrower
PMCL
Loan from National Bank of Pakistan
6M KIBOR + 0.60%
PKR
5,000
18
15.05.2034
None
Certain assets of the borrower
PMCL
Loan from Meezan Bank Limited
6M KIBOR + 0.60%
PKR
5,000
18
15.05.2034
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.60%
PKR
64,800
233
24.05.2034
None
Certain assets of the borrower
PMCL
SUKUK notes
3M KIBOR + 0.25%
PKR
15,000
54
24.10.2024
None
None
PMCL
Other
2
TOTAL Pakistan Mobile Communications Limited
825
Banglalink
Syndicated Loan Facility
Average bank deposit rate + 4.25%
BDT
6,960
58
26.04.2027
None
None
Banglalink
Syndicated Loan Facility
7.00% to 12.00%
BDT
7,160
60
25.11.2028
None
None
Other
81
TOTAL Banglalink Digital Communications Ltd.
199
KaR-Tel Limited Liability Partnership
Loan from Forte Bank
17.25% - 18.50%
KZT
14,950
31
13.11.2026
None
None
KaR-Tel Limited Liability Partnership
Other
49
53
TOTAL KaR-Tel Limited Liability Partnership.
84
Unitel LLC
Loan from National Bank for Foreign Economic Activity
20.00%
UZS
150,000
12
11.07.2025
None
None
Unitel LLC
Other Local Banks
22.00% - 28.50%
UZS
150,000
12
10.02.2026 - 06.09.2026
None
Unitel LLC
Huawei
59
65
TOTAL Unitel LLC.
89
Other entities
Overdrawn accounts and other
23
Total VEON consolidated
2,896
1Excluding lease liabilities and excluding long term accounts payables.
2The above table(s) exclude a subsequent conversion performed on 6 November 2024 where 0.75 million of April 2025 notes, RUB 74 million of June 2025 notes and USD 4.8 million of November 2027 legacy notes were exchanged into new notes.