Credit Investors

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

On 18 April 2024, VEON Holdings B.V. announced invitations to eligible noteholders to consent to certain proposals in respect of its notes as defined in the announcement.

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.

Download the Debt By Entity information

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-

Download the Bond Summaries information

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.

Download the Debt Overview information