VEON gives results of put option for 2023 notes

By Mary-Katherine Stinson

Lexington, Ky., April 20 – VEON Ltd. and subsidiary VEON Holdings BV gave results of the put option regarding its $529.32 million 5.95% notes due October 2023 (ISIN: US92718WAE93, XS0889401724) and $700 million 7¼% notes due December 2023 (ISIN: US36251BAB18, XS1400710726), according to a press release attached to a 6-K filing with the Securities and Exchange Commission.

The put option period began April 5 and expired at 5 p.m. ET on April 19.

Holders had the option to require the company to repurchase their notes at 102 plus accrued interest.

As of the expiration, the put option was exercised for $165,377,000 of the October 2023 notes and $293,747,000 of the December 2023 notes.

Put election notices were irrevocable.

Settlement will be on April 26.

Kroll Issuer Services Ltd. (+44 20 7704 0880, veon@is.kroll.com) is the settlement agent.

After settlement, it is estimated that $363,943,000 of the October 2023 notes and $406,253,000 of the December 2023 notes will remain outstanding.

As previously reported, the event was triggered by the amendments to the notes becoming effective. The amendments were set out in the creditor scheme relating to eight-month extensions for the 2023 notes which was summarized in an explanatory statement dated Dec. 21, amended on Jan. 11 and approved on Jan. 30.

Information was available on the scheme website (https://deals.is.kroll.com/veon).

Amsterdam-based VEON Ltd. provides mobile and fixed-line telecommunications services through its subsidiaries in emerging markets.

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