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
27
-
-
27
Pakistan Mobile Communications Limited
-
845
-
845
Banglalink Digital Communications Ltd.
-
235
29
264
KaR-Tel Limited Liability Partnership
-
122
95
217
Unitel LLC
-
85
50
135
Others
7
6
7
20
Total
1,314
1,503
181
2,998
1Excluding lease liabilities and long term accounts payables.
2As of 31 March 2026, the outstanding amount of VEON MidCo B.V. and Kyivstar Holdings B.V. bonds includes an equivalent of USD 96 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 March 2026
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
None
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
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
6,027
22
09.02.2026
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
6M KIBOR + 0.55%
PKR
9,375
34
05.18.2028
None
Certain assets of the borrower
PMCL
Syndicated Loan Facility
3M KIBOR + 0.60%
PKR
45,833
164
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
22
TOTAL Pakistan Mobile Communications Limited
845
Kyivstar Holdings B.V.2
Legacy notes, no payments due, subject to potential conversion
0.0000%
USD
13
13
04.09.2026
None
None
Kyivstar Holdings B.V.2
Legacy notes, no payments due, subject to potential conversion
0.0000%
RUB
1,180
14
06.18.2026
None
None
TOTAL Kyivstar Holdings B.V.
27
Banglalink
Syndicated Loan Facility
Average bank deposit rate + 4.25%
BDT
3,180
26
04.26.2027
None
None
Banglalink
Syndicated Loan Facility
7.00% to 12.00%
BDT
4,640
38
11.25.2028
None
None
Other
Short Term Facilities and Vendor Financing
200
TOTAL Banglalink Digital Communications Ltd.
264
KaR-Tel Limited Liability Partnership
Loan from Forte Bank
17.2500% - 20.5000%
KZT
26,578
55
01.29.2030
None
None
KaR-Tel Limited Liability Partnership
Loan from NurBank
15.5000% - 16.5000%
KZT
17,177
36
09.28.2029
None
None
KaR-Tel Limited Liability Partnership
Loan from Bank RBK JSC
20.5000%
KZT
15,000
31
10.24.2030
None
None
KaR-Tel Limited Liability Partnership
Other
95
TOTAL KaR-Tel Limited Liability Partnership.
217
Unitel LLC
National Bank for Foreign Economic Activity
22.000%
UZS
195,700
16
04.15.2026
None
None
Unitel LLC
Hamkorbank AKB
23.0000%
UZS
95,590
8
02.10.2028
None
None
Unitel LLC
JSCB “TBC Bank”
22.0000% - 23.0000%
UZS
360,000
29
12.20.2030
None
None
Unitel LLC
Infinbank
23.9900%
UZS
188,871
15
12.29.2029
None
None
Unitel LLC
AKIB Ipoteka Bank
22.0000%
UZS
200,000
16
03.12.2031
None
None
Unitel LLC
Other
50
TOTAL Unitel LLC.
135
Other entities
Overdrawn accounts and other
20
Total VEON consolidated
2,998
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.