Credit Investors

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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Debt Information Bonds Summary Loans Summary

Debt per entity and per type¹

31 December 2024

Entity

Bonds

Loans

Overdrafts and Vendor Financing

Total

VEON Holdings B.V.²

1,668

Pakistan Mobile Communications Ltd.

1,061

1,124

Banglalink Digital Communications Ltd.

204

214

Unitel LLC.

121

KaR-Tel LLP.

127

Others

Total

1,729

1,380

156

3,265

¹Excluding lease liabilities and excluding long term accounts payables.

²As of 31 December 2024, the outstanding amount of VEON Holdings B.V. bonds includes an equivalent of USD 105 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

31 December 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)

05.29.2024

April 9, 2025

USD 471,966,000

4.0000%

Semi annual

BB-

VEON Holdings B.V.

Notes due 2025

XS2834472198(144A) XS2834471976(REGS)

05.29.2024

June 18, 2025

RUB 7,839,600,000

6.3000%

Semi annual

BB-

VEON Holdings B.V.

Notes due 2027

XS2824766146(144A) XS2824764521(REGS)

05.29.2024

November 25, 2027

USD 1,013,683,000

3.3750%

Semi annual

BB-

Download the Bond Summaries information

VEON consolidated debt overview¹

31 December 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

472

04.09.2025

None

VEON Holdings B.V.

Notes

6.300%

RUB

7,840

06.18.2025

None

VEON Holdings B.V.

Notes

3.375%

USD

1,014

11.25.2027

None

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

04.09.2025

None

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

6.300%

RUB

1,200

06.18.2025

None

VEON Holdings B.V.

Legacy notes, no payments due, subject to potential conversion

3.375%

USD

11.25.2027

None

TOTAL VEON Holdings B.V.

1,668

PMCL

Syndicated Loan Facility

6M KIBOR + 0.55%

PKR

16,924

09.02.2026

None

Certain assets of the borrower

PMCL

Loan from Habib Bank Limited

6M KIBOR + 0.55%

PKR

7,185

09.02.2026

None

Certain assets of the borrower

PMCL

Syndicated Loan Facility

6M KIBOR + 0.55%

PKR

13,125

05.18.2028

None

Certain assets of the borrower

PMCL

Syndicated Loan Facility

3M KIBOR + 0.60%

PKR

50,000

180

07.05.2031

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

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

64,800

232

05.24.2034

None

Certain assets of the borrower

PMCL

Notes

3M KIBOR - 0.10%

PKR

15,000

04.21.2025

None

PMCL

Short-term Loan

3M KIBOR - 3%

PKR

30,000

108

03.17.2025

None

Certain assets of the borrower

PMCL

Short-term Loan

6M KIBOR - 3%

PKR

54,000

194

06.17.2025

None

Certain assets of the borrower

PMCL

Other

TOTAL Pakistan Mobile Communications Limited

1,124

Banglalink

Syndicated Loan Facility

Average bank deposit rate + 4.25%

BDT

6,330

04.26.2027

None

Banglalink

Syndicated Loan Facility

7.00% to 12.00%

BDT

6,740

11.25.2028

None

Other

Short Term Facilities and Vendor Financing

105

TOTAL Banglalink Digital Communications Ltd.

214

KaR-Tel Limited Liability Partnership

Loan from Forte Bank

17.25% - 18.50%

KZT

13,861

11.13.2026

None

KaR-Tel Limited Liability Partnership

Loan from NurBank

15.50% - 16.50%

KZT

21,000

09.28.2029

None

KaR-Tel Limited Liability Partnership

Other

TOTAL KaR-Tel Limited Liability Partnership.

127

Unitel LLC

National Bank for Foreign Economic Activity

20.0000% - 22.0000%

UZS

378,800

10.09.2027

None

Unitel LLC

Hamkorbank AKB

25.80%

UZS

200,000

11.10.2026

None

Unitel LLC

Huawei

TOTAL Unitel LLC.

121

Other entities

Overdrawn accounts and other

Total VEON consolidated

3,265

¹Excluding lease liabilities and excluding long term accounts payables.

Download the Debt Overview information