Credit Investors

Reorganization of VEON Holdings B.V.

VEON Holdings B.V. Announced Consent Solicitations In Respect Of Certain Notes

On 13 January 2025, VEON Holdings B.V. announced invitations to eligible noteholders to consent to certain proposals in respect of its notes as defined in the announcement.

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Read the results announcement

Debt Information Bonds Summary Loans Summary

Debt per entity and per type¹

30 September 2025

Entity

Bonds

Loans

Overdrafts and Vendor Financing

Total

VEON MidCo B.V.²

1,283

210

1,493

VEON Holdings B.V.²

Pakistan Mobile Communications Limited

884

938

Banglalink Digital Communications Ltd.

168

221

KaR-Tel Limited Liability Partnership

101

195

Unitel LLC

151

Others

Total

1,380

1,434

237

3,051

¹Excluding lease liabilities and excluding long term accounts payables.

²As of 30 September 2025, the outstanding amount of VEON MidCo B.V. and VEON Holdings B.V. bonds includes an equivalent of USD 106 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.

Download the Debt By Entity information

VEON MidCo B.V. bonds summary

30 September 2025

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 1,013,973,000

3,3750%

Semi annual

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-

Download the Bond Summaries information

VEON consolidated debt overview¹

30 September 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

03.29.2027

None

VEON MidCo B.V.

Notes

3.3750%

USD

1,014

11.25.2027

None

VEON MidCo B.V.

Notes

9.0000%

USD

200

07.15.2029

VEON Amsterdam B.V.

None

legacy notes, subject to potential conversion in new notes or a cash settlement

VEON MidCo B.V.

Legacy notes, no payments due, subject to potential conversion

3.3750%

USD

11.25.2027

None

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

0.0000%

USD

04.09.2026

None

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

0.0000%

RUB

1,180

06.18.2026

None

TOTAL VEON HQ

1,530

PMCL

Syndicated Loan Facility

6M KIBOR + 0.55%

PKR

8,462

09.02.2026

None

Certain assets of the borrower

PMCL

Loan from Habib Bank Limited

6M KIBOR + 0.55%

PKR

3,592

09.02.2026

None

Certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.55%

PKR

11,250

05.18.2028

None

Certain assets of the borrower

PMCL

Syndicated Loan Facility

3M KIBOR + 0.60%

PKR

50,000

178

07.04.2031

None

Certain assets of the borrower

PMCL

Loan from United Bank Limited

3M KIBOR + 0.55%

PKR

3,438

05.18.2028

None

Certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.60%

PKR

40,000

142

04.19.2032

None

Certain assets of the borrower

PMCL

Term Loan Facilities from Local Banks

6M KIBOR + 0.60%

PKR

15,000

05.15.2034

None

Certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.60%

PKR

75,000

267

05.24.2034

None

Certain assets of the borrower

PMCL

Loan from Askari Bank Limited

6M KIBOR + 0.60%

PKR

3,500

05.25.2035

None

Certain assets of the borrower

PMCL

Term Loan Facilities from Local Banks

6M KIBOR + 0.60%

PKR

10,000

04.30.2035

None

Certain assets of the borrower

PMCL

Loan from Faysal Bank Limited

6M KIBOR + 0.60%

PKR

15,000

05.18.2035

None

Certain assets of the borrower

PMCL

Loan from Meezan Bank Limited

6M KIBOR + 0.60%

PKR

13,500

05.22.2035

None

Certain assets of the borrower

PMCL

Notes

3M KIBOR - 0.15%

PKR

15,000

10.28.2025

None

PMCL

Other

TOTAL Pakistan Mobile Communications Limited

938

Banglalink

Syndicated Loan Facility

Average bank deposit rate + 4.2500%

BDT

4,440

04.26.2027

None

Banglalink

Syndicated Loan Facility

7.0000% to 12.0000%

BDT

5,480

11.25.2028

None

Other

Short Term Facilities and Vendor Financing

139

TOTAL Banglalink Digital Communications Ltd.

221

KaR-Tel Limited Liability Partnership

Loan from Forte Bank

17.2500% - 18.5000 %

KZT

8,644

11.13.2026

None

KaR-Tel Limited Liability Partnership

Loan from NurBank

15.5000% - 16.5000 %

KZT

21,000

09.28.2029

None

KaR-Tel Limited Liability Partnership

Loan from Forte Bank

19.2500% - 20.5000%

KZT

22,000

01.29.2030

None

KaR-Tel Limited Liability Partnership

Vendor Financing

101

TOTAL KaR-Tel Limited Liability Partnership.

195

Unitel LLC

National Bank for Foreign Economic Activity

20.0000% - 22.0000%

UZS

368,833

10.09.2027

None

Unitel LLC

National Bank for Foreign Economic Activity

24.0000%

UZS

304,604

07.05.2030

None

Unitel LLC

Hamkorbank AKB

25.8000%

UZS

200,000

11.10.2026

None

Unitel LLC

Vendor Financing

EUR

TOTAL Unitel LLC.

151

Other entities

Overdrawn accounts and other

Total VEON consolidated

3,051

¹Excluding lease liabilities and excluding long term accounts payables

Download the Debt Overview information