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.

Debt per entity and per type1

31 March 2025

Entity
Bonds
Loans
Overdrafts and Vendor Financing
Total

VEON Holdings B.V.2

1,687

-

-

1,687

Pakistan Mobile Communications Ltd.

54

925

11

990

Banglalink Digital Communications Ltd.

-

221

23

244

KaR-Tel LLP.

-

90

62

152

Unitel LLC.

-

41

79

120

Others

7

6

6

19

Total

1,748

1,283

181

3,212

1Excluding lease liabilities and excluding long term accounts payables.

2As of 31 March 2025, the outstanding amount of VEON 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 if eligible investors come forward. VEON has successfully secured approval from holders of its 2027 bonds (ISIN: Reg S: XS2824764521/ Rule 144A: XS2824766146) to substitute VEON Holdings B.V. with VEON Midco B.V. as the Issuer. VEON MidCo B.V. substituted VEON Holdings B.V. as the Issuer on April 8, 2025 upon completion of the demerger.

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VEON Holdings B.V. bond summary

31 March 2025

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 471,966,000

4.0000%

Semi annual

BB-

BB-

VEON Holdings B.V.

Notes due 2025

XS2834472198(144A) XS2834471976(REGS)

29. May 24

June 18, 2025

RUB 7,839,600,000

6.3000%

Semi annual

BB-

BB-

VEON Holdings B.V.

Notes due 2027

XS2824766146(144A) XS2824764521(REGS)

29. May 24

November 25, 2027

USD 1,013,683,000

3.3750%

Semi annual

BB-

BB-

Download the Bond Summaries information

VEON consolidated debt overview1

31 March 2025

Entity

Type of debt/ original lenders

Interest rate

Debt currency

Outstanding debt (mln)

Outstanding debt (USD mln)

Maturity date

Guarantor

Comments

VEON Holdings B.V.

Notes

4.000%

USD

472

472

04.09.2025

None

VEON Holdings B.V.

Notes

6.300%

RUB

7,840

94

06.18.2025

None

VEON Holdings B.V.

Notes

3.375%

USD

1,014

1,014

11.25.2027

None

Subsequent to the VEON Holdings B.V. demerger in April 2025, the issuing entity changed to VEON MidCo B.V. and the notes became guaranteed by VEON Amsterdam B.V.

legacy notes, subject to potential conversion in new notes, but for which no further payments are due

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

4.000%

USD

24

24

04.09.2025

None

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

6.300%

RUB

1,200

14

06.18.2025

None

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

3.375%

USD

69

69

11.25.2027

None

TOTAL VEON Holdings B.V.

1,687

PMCL

Syndicated Loan Facility

6M KIBOR + 0.55%

PKR

12,693

45

09.02.2026

None

Securitised by certain assets of the borrower

PMCL

Loan from Habib Bank Limited

6M KIBOR + 0.55%

PKR

5,388

19

09.02.2026

None

Securitised by certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.55%

PKR

13,125

47

05.18.2028

None

Securitised by certain assets of the borrower

PMCL

Syndicated Loan Facility

3M KIBOR + 0.60%

PKR

50,000

179

07.05.2031

None

Securitised by certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.60%

PKR

40,000

143

04.19.2032

None

Securitised by certain assets of the borrower

PMCL

Term Loan Facilities from Local Banks

6M KIBOR + 0.60%

PKR

15,000

54

05.15.2034

None

Securitised by certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.60%

PKR

64,800

231

05.24.2034

None

Securitised by certain assets of the borrower

PMCL

Notes

3M KIBOR - 0.10%

PKR

15,000

54

04.21.2025

None

PMCL

Short-term Loan

6M KIBOR - 3%

PKR

54,000

193

06.17.2025

None

Securitised by certain assets of the borrower

PMCL

Other

25

TOTAL Pakistan Mobile Communications Limited

990

Banglalink

Syndicated Loan Facility

Average bank deposit rate + 4.25%

BDT

5,700

47

04.26.2027

None

Banglalink

Syndicated Loan Facility

7.00% to 12.00%

BDT

6,320

52

11.25.2028

None

Other

Short Term Facilities and Vendor Financing

145

TOTAL Banglalink Digital Communications Ltd.

244

KaR-Tel Limited Liability Partnership

Loan from Forte Bank

17.2500% - 18.5000%

KZT

12,122

24

11.13.2026

None

KaR-Tel Limited Liability Partnership

Loan from NurBank

15.5000% - 16.5000 %

KZT

21,000

42

09.28.2029

None

KaR-Tel Limited Liability Partnership

Loan from Forte Bank

19.2500% - 20.5000%

KZT

12,000

24

01.29.2030

None

KaR-Tel Limited Liability Partnership

Other

60

62

TOTAL KaR-Tel Limited Liability Partnership.

152

Unitel LLC

National Bank for Foreign Economic Activity

20.0000% - 22.0000%

UZS

337,133

26

10.09.2027

None

Unitel LLC

Hamkorbank AKB

25.8000%

UZS

200,000

15

11.10.2026

None

Unitel LLC

Huawei and Others

EUR

72

79

None

TOTAL Unitel LLC.

120

Other entities

Overdrawn accounts and other

19

Total VEON consolidated

3,212

1Excluding lease liabilities and excluding long term accounts payables.

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