Credit Investors
Entity
Bonds
Loans
Overdrafts and Vendor Financing
Total
VEON MidCo B.V.2
1,280
210
-
1,490
Kyivstar Holdings B.V.2
38
-
-
38
Pakistan Mobile Communications Limited
-
873
-
873
Banglalink Digital Communications Ltd.
-
199
37
236
KaR-Tel Limited Liability Partnership
-
126
93
219
Unitel LLC
-
86
88
174
Others
7
6
7
20
Total
1,325
1,500
225
3,050
1Excluding lease liabilities and long term accounts payables.
2As of 31 December 2025, the outstanding amount of VEON MidCo B.V. and Kyivstar 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 or a cash settlement, if eligible investors come forward. Effective February 10th 2026, VEON Holdings B.V. legally changed its name to Kyivstar Holdings B.V.
Issuer
Bond
ISIN
Date of Issuance
Maturity date
Amount outstanding
Coupon
Coupon frequency
S&P rating
Fitch rating
VEON MidCo B.V.
Notes due 2027
XS2824766146(144A) XS2824764521(REGS)
29-May-24
25-Nov-27
USD 1,010,973,000
3,3750%
Semi annual
BB-
BB-
VEON MidCo B.V.
Notes due 2029
XS3088629178(144A) XS3088629335(REGS)
15-Jul-25
15-Jul-29
USD 200,000,000
9,0000%
Semi annual
BB-
BB-
VEON consolidated debt overview1
31 December 2025
Entity
Type of debt/ original lenders
Interest rate
Debt currency
Outstanding debt (mln)
Outstanding debt (USD mln)
Maturity date
Guarantor
Security
VEON MidCo B.V.
Syndicated Loan Facility
3M Term SOFR + 4.25%
USD
210
210
03.29.2027
None
None
VEON MidCo B.V.
Notes
3.3750%
USD
1,011
1,011
11.25.2027
None
None
VEON MidCo B.V.
Notes
9.0000%
USD
200
200
07.15.2029
VEON Amsterdam B.V.
None
legacy notes, subject to potential conversion in new notes, but for which no further payments are due
VEON MidCo B.V.
Legacy notes, no payments due, subject to potential conversion
3.3750%
USD
69
69
11.25.2027
None
None
TOTAL VEON MidCo B.V.
1,490
Kyivstar Holdings B.V.2
Legacy notes, no payments due, subject to potential conversion
0.0000%
USD
23
23
04.09.2026
None
None
Kyivstar Holdings B.V.2
Legacy notes, no payments due, subject to potential conversion
0.0000%
RUB
1,180
15
06.18.2026
None
None
TOTAL Kyivstar Holdings B.V.
38
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
8,462
30
09.02.2026
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
9,375
33
05.18.2028
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
3M KIBOR + 0.60%
PKR
47,917
171
07.04.2031
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.60%
PKR
40,000
143
04.19.2032
None
Certain assets of the borrower
PMCL
Loan from Local Banks
6M KIBOR + 0.60
PKR
15,000
54
05.15.2034
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.60%
PKR
75,000
268
05.24.2034
None
Certain assets of the borrower
PMCL
Loan from Local Banks
6M KIBOR + 0.60%
PKR
10,000
36
04.30.2035
None
Certain assets of the borrower
PMCL
Loan from Faysal Bank Limited
6M KIBOR + 0.60%
PKR
15,000
54
05.18.2035
None
Certain assets of the borrower
PMCL
Loan from Meezan Bank Limited
6M KIBOR + 0.60%
PKR
13,500
48
05.22.2035
None
Certain assets of the borrower
PMCL
Other
36
TOTAL Pakistan Mobile Communications Limited
873
Banglalink
Syndicated Loan Facility
Average bank deposit rate + 4.2500%
BDT
3,810
31
04.26.2027
None
None
Banglalink
Syndicated Loan Facility
7.0000% to 12.0000%
BDT
5,060
41
11.25.2028
None
None
Other
Short Term Facilities and Vendor Financing
164
TOTAL Banglalink Digital Communications Ltd.
236
KaR-Tel Limited Liability Partnership
Loan from Forte Bank
17.2500% - 20.5000 %
KZT
28,906
58
01.29.2030
None
None
KaR-Tel Limited Liability Partnership
Loan from NurBank
15.5000% - 16.5000 %
KZT
19,231
38
09.28.2029
None
None
KaR-Tel Limited Liability Partnership
Loan from Bank RBK JSC
20.5000%
KZT
15,000
30
10.24.2030
None
None
KaR-Tel Limited Liability Partnership
Other
93
93
TOTAL KaR-Tel Limited Liability Partnership.
219
Unitel LLC
National Bank for Foreign Economic Activity
20.0000% - 22.0000%
UZS
346,333
29
12.21.2027
None
None
Unitel LLC
National Bank for Foreign Economic Activity
24.0000%
UZS
332,626
28
06.05.2030
None
None
Unitel LLC
JSCB “TBC Bank”
22.0000% - 23.0000%
UZS
360,000
30
12.20.2030
None
None
Unitel LLC
Other
72
88
TOTAL Unitel LLC.
174
Other entities
Overdrawn accounts and other
20
Total VEON consolidated
3,050
1Excluding lease liabilities and long term accounts payables
2Effective February 10th 2026, VEON Holdings B.V. legally changed its name to Kyivstar Holdings B.V.