Bonds

VEON Closes USD 1.4 Billion Bond Offering, Refinancing 2027 Notes Ahead of Schedule

Globe Newswire — Tue, 02 Jun 2026 09:46:28 +0000

Dubai and New York, June 2, 2026 – VEON Ltd. (NASDAQ:VEON), a global digital operator ("VEON" or the "Company"), today announces the successful closing of a USD 1.4 billion dual-tranche senior unsecured notes offering (the "Offering") by its subsidiary VEON Midco B.V. (the "Issuer"). The Offering refinances substantially all of VEON's debt maturing in 2027 ahead of schedule and reflects sustained confidence in VEON's digital operator transformation and AI1440 strategy.

The Offering, which priced on May 19, 2026, attracted strong interest from a diverse global investor base, including significant participation from leading US institutional fixed-income investors, alongside major asset managers and investment funds across Europe, the Middle East and Asia.

"This transaction is VEON's largest bond offering in over a decade and is a clear endorsement of our strategy and execution. The depth and quality of the order book underscores continued access to international capital markets and confidence in VEON's financial profile, balance sheet discipline and long-term credit story," said VEON Group Chief Executive Officer Kaan Terzioglu. "We have positioned VEON to execute on our next phase of growth by addressing our 2027 maturities and nearly doubling the average maturity of our debt excluding leases to over four years on a pro forma basis, based on reported Group debt as of 1Q 2026."

Transaction Summary

The Notes were issued by VEON Midco B.V. and are guaranteed by VEON Amsterdam B.V. (the "Guarantor"). The Offering comprises USD 700 million 6.95% Senior Notes due June 1, 2031, non-callable for two years, and USD 700 million 7.45% Senior Notes due June 1, 2033, non-callable for three years. Both tranches priced at par and have been assigned a credit rating of BB- by Fitch and S&P. The Notes rank pari passu with the Issuer's outstanding debt. The Notes were admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange on June 1, 2026. The Notes were offered pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended.

Early Tender Offer Results Support Refinancing Objective

Noteholders tendered over USD 936 million in principal amount of VEON's outstanding USD 1,013,973,000 3.375% Senior Notes due 2027 (the "2027 Notes"), exceeding the maximum participation amount and enabling ...

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VEON Closes USD 1.4 Billion Bond Offering, Refinancing 2027 Notes Ahead of Schedule

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